Total monthly cost of ownership
Cost to Own a Home in Paxton, Illinois
A $117,000 home here costs
$1,205per 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 $51,500 a year.
A standard mortgage calculator would have told you $638. The real number is $568 higher every month, 89% more than the payment most buyers budget for.
Compare Ford County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Paxton from a five-year rolling sample, and with about 4,201 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 Ford 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.
Paxton against Ford County and Illinois
| Measure | Paxton | Ford County |
|---|---|---|
| Median home value | $116,700 | $118,100 |
| Median property tax | $2,661 | $2,443 |
| Effective tax rate | 2.280% | 2.069% |
| Median gross rent | $922 | $836 |
| Population | 4,201 | 13,396 |
The weather behind that power bill
Paxton sits in Ford County, which averages a high of 87.5°F in its hottest month and a low of 15.8°F in its coldest, with 40.35" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 1,145 cooling and 5,719 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Ford County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Ford County
Talk to someone who works this market
These are Paxton 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 Paxton every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Paxton I already own here and may sell
Common questions
How much does it cost to own a home in Paxton?
A $117,000 home in Paxton, Illinois costs approximately $1,205 per month with 20% down at 7.24%. That is $638 principal and interest, $222 property tax, $46 homeowners insurance, $202 utilities and $98 set aside for maintenance.
What is the property tax rate in Paxton?
Paxton has an effective property tax rate of 2.280%, based on a median home value of $116,700 and median real estate taxes of $2,661. That is higher than the Ford County average of 2.069%.
What is the average home price in Paxton?
The median owner-occupied home value in Paxton, Illinois is $116,700, against $118,100 across Ford County.
Is it cheaper to rent or buy in Paxton?
Median gross rent in Paxton is $922 a month, against $1,205 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 Paxton?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Paxton, Illinois at today's rate takes a household income of roughly $51,500 a year. That covers the full $1,205 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Paxton, 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.