Total monthly cost of ownership
Cost to Own a Home in Monticello, Illinois
A $196,000 home here costs
$1,794per 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 $77,000 a year.
A standard mortgage calculator would have told you $1,069. The real number is $726 higher every month, 68% more than the payment most buyers budget for.
Compare Piatt 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.
Monticello against Piatt County and Illinois
| Measure | Monticello | Piatt County |
|---|---|---|
| Median home value | $196,000 | $173,200 |
| Median property tax | $3,405 | $3,040 |
| Effective tax rate | 1.737% | 1.755% |
| Median gross rent | $1,030 | $950 |
| Population | 6,332 | 16,702 |
The weather behind that power bill
Monticello sits in Piatt County, which averages a high of 83.6°F in its hottest month and a low of 17.4°F in its coldest, with 39.62" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 822 cooling and 5,858 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Piatt County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Piatt County
Talk to someone who works this market
These are Monticello 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 Monticello 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 Monticello?
A $196,000 home in Monticello, Illinois costs approximately $1,794 per month with 20% down at 7.24%. That is $1,069 principal and interest, $284 property tax, $77 homeowners insurance, $202 utilities and $163 set aside for maintenance.
What is the property tax rate in Monticello?
Monticello has an effective property tax rate of 1.737%, based on a median home value of $196,000 and median real estate taxes of $3,405. That is lower than the Piatt County average of 1.755%.
What is the average home price in Monticello?
The median owner-occupied home value in Monticello, Illinois is $196,000, against $173,200 across Piatt County.
Is it cheaper to rent or buy in Monticello?
Median gross rent in Monticello is $1,030 a month, against $1,794 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 Monticello?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Monticello, Illinois at today's rate takes a household income of roughly $77,000 a year. That covers the full $1,794 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Monticello, 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.