Total monthly cost of ownership
Cost to Own a Home in Mount Carmel, Illinois
A $89,000 home here costs
$955per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $458. The real number is $498 higher every month — 109% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Mount Carmel against Wabash County and Illinois
| Measure | Mount Carmel | Wabash County |
|---|---|---|
| Median home value | $88,500 | $103,900 |
| Median property tax | $1,267 | $1,528 |
| Effective tax rate | 1.432% | 1.471% |
| Median gross rent | $750 | $774 |
| Population | 6,892 | 11,199 |
The weather behind that power bill
Mount Carmel sits in Wabash County, which averages a high of 87.4°F in its hottest month and a low of 25.0°F in its coldest, with 48.73" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 1,459 cooling and 4,541 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Wabash County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wabash County
No other places of this size are published in Wabash County.
Full Wabash County cost breakdown · Every county in Illinois
Common questions
How much does it cost to own a home in Mount Carmel?
A $89,000 home in Mount Carmel, Illinois costs approximately $955 per month with 20% down at 6.66%. That is $458 principal and interest, $106 property tax, $35 homeowners insurance, $282 utilities and $74 set aside for maintenance.
What is the property tax rate in Mount Carmel?
Mount Carmel has an effective property tax rate of 1.432%, based on a median home value of $88,500 and median real estate taxes of $1,267. That is lower than the Wabash County average of 1.471%.
What is the average home price in Mount Carmel?
The median owner-occupied home value in Mount Carmel, Illinois is $88,500, against $103,900 across Wabash County.
Is it cheaper to rent or buy in Mount Carmel?
Median gross rent in Mount Carmel is $750 a month, against $955 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Mount Carmel — 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.