Total monthly cost of ownership
Cost to Own a Home in Mason City, Illinois
A $92,000 home here costs
$991per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $42,500 a year.
A standard mortgage calculator would have told you $502. The real number is $490 higher every month, 98% more than the payment most buyers budget for.
Compare Mason County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Mason City from a five-year rolling sample, and with about 2,094 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Mason County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Mason City against Mason County and Illinois
| Measure | Mason City | Mason County |
|---|---|---|
| Median home value | $92,200 | $106,100 |
| Median property tax | $2,107 | $2,277 |
| Effective tax rate | 2.285% | 2.146% |
| Median gross rent | $785 | $760 |
| Population | 2,094 | 12,878 |
The weather behind that power bill
Mason City sits in Mason County, which averages a high of 88.1°F in its hottest month and a low of 16.4°F in its coldest, with 41.04" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,161 cooling and 5,686 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Mason County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Mason County
Talk to someone who works this market
These are Mason City averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Mason City every week. Free, no obligation, and we never sell your details to a list.
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Common questions
How much does it cost to own a home in Mason City?
A $92,000 home in Mason City, Illinois costs approximately $991 per month with 20% down at 7.24%. That is $502 principal and interest, $175 property tax, $36 homeowners insurance, $202 utilities and $77 set aside for maintenance.
What is the property tax rate in Mason City?
Mason City has an effective property tax rate of 2.285%, based on a median home value of $92,200 and median real estate taxes of $2,107. That is higher than the Mason County average of 2.146%.
What is the average home price in Mason City?
The median owner-occupied home value in Mason City, Illinois is $92,200, against $106,100 across Mason County.
Is it cheaper to rent or buy in Mason City?
Median gross rent in Mason City is $785 a month, against $991 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Mason City?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Mason City, Illinois at today's rate takes a household income of roughly $42,500 a year. That covers the full $991 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Mason City, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Illinois.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.