Total monthly cost of ownership
Cost to Own a Home in Palos Park, Illinois
A $470,000 home here costs
$4,030per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,416. The real number is $1,614 higher every month — 67% 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.
Palos Park against Cook County and Illinois
| Measure | Palos Park | Cook County |
|---|---|---|
| Median home value | $469,900 | $305,200 |
| Median property tax | $9,064 | $6,053 |
| Effective tax rate | 1.929% | 1.983% |
| Median gross rent | — | $1,381 |
| Population | 4,832 | 5,185,812 |
The weather behind that power bill
Palos Park sits in Cook County, which averages a high of 84.0°F in its hottest month and a low of 16.1°F in its coldest, with 33.23" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 822 cooling and 6,364 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Cook County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cook County
Common questions
How much does it cost to own a home in Palos Park?
A $470,000 home in Palos Park, Illinois costs approximately $4,030 per month with 20% down at 6.66%. That is $2,416 principal and interest, $756 property tax, $184 homeowners insurance, $282 utilities and $392 set aside for maintenance.
What is the property tax rate in Palos Park?
Palos Park has an effective property tax rate of 1.929%, based on a median home value of $469,900 and median real estate taxes of $9,064. That is lower than the Cook County average of 1.983%.
What is the average home price in Palos Park?
The median owner-occupied home value in Palos Park, Illinois is $469,900, against $305,200 across Cook County.
Is it cheaper to rent or buy in Palos Park?
Rent data is not published for Palos Park at this level of detail.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Palos Park — 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.