Total monthly cost of ownership
Cost to Own a Home in Payson, Illinois
A $118,000 home here costs
$1,215per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $607. The real number is $608 higher every month — 100% 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.
Payson against Adams County and Illinois
| Measure | Payson | Adams County |
|---|---|---|
| Median home value | $118,000 | $155,900 |
| Median property tax | $2,172 | $2,461 |
| Effective tax rate | 1.841% | 1.579% |
| Median gross rent | $967 | $826 |
| Population | 1,030 | 65,166 |
The weather behind that power bill
Payson sits in Adams County, which averages a high of 86.0°F in its hottest month and a low of 18.6°F in its coldest, with 36.43" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 1,153 cooling and 5,486 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Adams County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Adams County
Common questions
How much does it cost to own a home in Payson?
A $118,000 home in Payson, Illinois costs approximately $1,215 per month with 20% down at 6.66%. That is $607 principal and interest, $181 property tax, $46 homeowners insurance, $282 utilities and $98 set aside for maintenance.
What is the property tax rate in Payson?
Payson has an effective property tax rate of 1.841%, based on a median home value of $118,000 and median real estate taxes of $2,172. That is higher than the Adams County average of 1.579%.
What is the average home price in Payson?
The median owner-occupied home value in Payson, Illinois is $118,000, against $155,900 across Adams County.
Is it cheaper to rent or buy in Payson?
Median gross rent in Payson is $967 a month, against $1,215 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 Payson — 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.