Total monthly cost of ownership
Cost to Own a Home in New Chicago, Indiana
A $119,000 home here costs
$1,123per 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 $48,000 a year.
A standard mortgage calculator would have told you $649. The real number is $474 higher every month, 73% more than the payment most buyers budget for.
Compare Lake County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for New Chicago from a five-year rolling sample, and with about 2,348 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 Lake 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.
New Chicago against Lake County and Indiana
| Measure | New Chicago | Lake County |
|---|---|---|
| Median home value | $118,900 | $214,700 |
| Median property tax | $1,233 | $1,987 |
| Effective tax rate | 1.037% | 0.925% |
| Median gross rent | $1,090 | $1,094 |
| Population | 2,348 | 498,990 |
The weather behind that power bill
New Chicago sits in Lake County, which averages a high of 85.0°F in its hottest month and a low of 18.4°F in its coldest, with 33.35" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 975 cooling and 5,737 heating degree days, which is what sets the $153 electricity line above.
See the full climate breakdown for Lake County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lake County
Talk to someone who works this market
These are New Chicago 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 New Chicago every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in New Chicago I already own here and may sell
Common questions
How much does it cost to own a home in New Chicago?
A $119,000 home in New Chicago, Indiana costs approximately $1,123 per month with 20% down at 7.24%. That is $649 principal and interest, $103 property tax, $51 homeowners insurance, $221 utilities and $99 set aside for maintenance.
What is the property tax rate in New Chicago?
New Chicago has an effective property tax rate of 1.037%, based on a median home value of $118,900 and median real estate taxes of $1,233. That is higher than the Lake County average of 0.925%.
What is the average home price in New Chicago?
The median owner-occupied home value in New Chicago, Indiana is $118,900, against $214,700 across Lake County.
Is it cheaper to rent or buy in New Chicago?
Median gross rent in New Chicago is $1,090 a month, against $1,123 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 New Chicago?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in New Chicago, Indiana at today's rate takes a household income of roughly $48,000 a year. That covers the full $1,123 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for New Chicago, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Indiana.
- 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.