Total monthly cost of ownership
Cost to Own a Home in Mount Morris, Illinois
A $118,000 home here costs
$1,208per 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 $52,000 a year.
A standard mortgage calculator would have told you $643. The real number is $565 higher every month, 88% more than the payment most buyers budget for.
Compare Ogle County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Mount Morris from a five-year rolling sample, and with about 2,679 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 Ogle 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.
Mount Morris against Ogle County and Illinois
| Measure | Mount Morris | Ogle County |
|---|---|---|
| Median home value | $117,600 | $184,100 |
| Median property tax | $2,610 | $3,737 |
| Effective tax rate | 2.219% | 2.030% |
| Median gross rent | $487 | $901 |
| Population | 2,679 | 51,536 |
The weather behind that power bill
Mount Morris sits in Ogle County, which averages a high of 83.9°F in its hottest month and a low of 14.5°F in its coldest, with 37.24" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 839 cooling and 6,497 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Ogle County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Ogle County
Talk to someone who works this market
These are Mount Morris 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 Mount Morris every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Mount Morris I already own here and may sell
Common questions
How much does it cost to own a home in Mount Morris?
A $118,000 home in Mount Morris, Illinois costs approximately $1,208 per month with 20% down at 7.24%. That is $643 principal and interest, $218 property tax, $46 homeowners insurance, $202 utilities and $98 set aside for maintenance.
What is the property tax rate in Mount Morris?
Mount Morris has an effective property tax rate of 2.219%, based on a median home value of $117,600 and median real estate taxes of $2,610. That is higher than the Ogle County average of 2.030%.
What is the average home price in Mount Morris?
The median owner-occupied home value in Mount Morris, Illinois is $117,600, against $184,100 across Ogle County.
Is it cheaper to rent or buy in Mount Morris?
Median gross rent in Mount Morris is $487 a month, against $1,208 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 Mount Morris?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Mount Morris, Illinois at today's rate takes a household income of roughly $52,000 a year. That covers the full $1,208 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Mount Morris, 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.