Total monthly cost of ownership
Cost to Own a Home in Oswego, Illinois
A $319,000 home here costs
$3,024per month, all in, with 20% down at today's 7.32% 30-year fixed rate. By the 28% rule that takes a household income of about $129,500 a year.
A standard mortgage calculator would have told you $1,753. The real number is $1,271 higher every month, 73% more than the payment most buyers budget for.
Compare Will 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.
Oswego against Will County and Illinois
| Measure | Oswego | Will County |
|---|---|---|
| Median home value | $319,000 | $298,000 |
| Median property tax | $8,141 | $6,993 |
| Effective tax rate | 2.552% | 2.347% |
| Median gross rent | $1,823 | $1,413 |
| Population | 35,463 | 698,450 |
Oswego extends across 2 counties. Figures here use Will County, where most of its housing sits.
The weather behind that power bill
Oswego sits in Will County, which averages a high of 83.6°F in its hottest month and a low of 16.6°F in its coldest, with 38.03" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 872 cooling and 6,171 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Will County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Will County
Talk to someone who works this market
These are Oswego 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 Oswego every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Oswego I already own here and may sell
Common questions
How much does it cost to own a home in Oswego?
A $319,000 home in Oswego, Illinois costs approximately $3,024 per month with 20% down at 7.32%. That is $1,753 principal and interest, $678 property tax, $125 homeowners insurance, $202 utilities and $266 set aside for maintenance.
What is the property tax rate in Oswego?
Oswego has an effective property tax rate of 2.552%, based on a median home value of $319,000 and median real estate taxes of $8,141. That is higher than the Will County average of 2.347%.
What is the average home price in Oswego?
The median owner-occupied home value in Oswego, Illinois is $319,000, against $298,000 across Will County.
Is it cheaper to rent or buy in Oswego?
Median gross rent in Oswego is $1,823 a month, against $3,024 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 Oswego?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Oswego, Illinois at today's rate takes a household income of roughly $129,500 a year. That covers the full $3,024 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Oswego, 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.