Total monthly cost of ownership
Cost to Own a Home in North Chicago, Illinois
A $148,000 home here costs
$1,538per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $761. The real number is $777 higher every month — 102% 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.
North Chicago against Lake County and Illinois
| Measure | North Chicago | Lake County |
|---|---|---|
| Median home value | $147,800 | $326,600 |
| Median property tax | $3,757 | $8,743 |
| Effective tax rate | 2.542% | 2.677% |
| Median gross rent | $1,392 | $1,434 |
| Population | 30,772 | 711,885 |
The weather behind that power bill
North Chicago sits in Lake County, which averages a high of 83.5°F in its hottest month and a low of 16.3°F in its coldest, with 39.51" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 806 cooling and 6,366 heating degree days, which is what sets the $214 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
Common questions
How much does it cost to own a home in North Chicago?
A $148,000 home in North Chicago, Illinois costs approximately $1,538 per month with 20% down at 6.66%. That is $761 principal and interest, $314 property tax, $58 homeowners insurance, $282 utilities and $123 set aside for maintenance.
What is the property tax rate in North Chicago?
North Chicago has an effective property tax rate of 2.542%, based on a median home value of $147,800 and median real estate taxes of $3,757. That is lower than the Lake County average of 2.677%.
What is the average home price in North Chicago?
The median owner-occupied home value in North Chicago, Illinois is $147,800, against $326,600 across Lake County.
Is it cheaper to rent or buy in North Chicago?
Median gross rent in North Chicago is $1,392 a month, against $1,538 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 North Chicago — 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.