Total monthly cost of ownership
Cost to Own a Home in Montgomery, Illinois
A $271,000 home here costs
$2,590per 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 $111,000 a year.
A standard mortgage calculator would have told you $1,477. The real number is $1,113 higher every month, 75% more than the payment most buyers budget for.
Compare Kane County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Montgomery against Kane County and Illinois
| Measure | Montgomery | Kane County |
|---|---|---|
| Median home value | $270,700 | $303,000 |
| Median property tax | $6,941 | $7,230 |
| Effective tax rate | 2.564% | 2.386% |
| Median gross rent | $1,897 | $1,404 |
| Population | 21,205 | 516,097 |
Montgomery extends across 2 counties. Figures here use Kane County, where most of its housing sits.
The weather behind that power bill
Montgomery sits in Kane County, which averages a high of 84.0°F in its hottest month and a low of 16.1°F in its coldest, with 33.23" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 822 cooling and 6,364 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Kane County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Kane County
Talk to someone who works this market
These are Montgomery 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 Montgomery every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Montgomery I already own here and may sell
Common questions
How much does it cost to own a home in Montgomery?
A $271,000 home in Montgomery, Illinois costs approximately $2,590 per month with 20% down at 7.24%. That is $1,477 principal and interest, $579 property tax, $106 homeowners insurance, $202 utilities and $226 set aside for maintenance.
What is the property tax rate in Montgomery?
Montgomery has an effective property tax rate of 2.564%, based on a median home value of $270,700 and median real estate taxes of $6,941. That is higher than the Kane County average of 2.386%.
What is the average home price in Montgomery?
The median owner-occupied home value in Montgomery, Illinois is $270,700, against $303,000 across Kane County.
Is it cheaper to rent or buy in Montgomery?
Median gross rent in Montgomery is $1,897 a month, against $2,590 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 Montgomery?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Montgomery, Illinois at today's rate takes a household income of roughly $111,000 a year. That covers the full $2,590 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Montgomery, 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.