Total monthly cost of ownership
Cost to Own a Home in Philo, Illinois
A $198,000 home here costs
$1,834per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,018. The real number is $816 higher every month — 80% 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.
Philo against Champaign County and Illinois
| Measure | Philo | Champaign County |
|---|---|---|
| Median home value | $198,100 | $205,100 |
| Median property tax | $3,494 | $4,245 |
| Effective tax rate | 1.764% | 2.070% |
| Median gross rent | $1,063 | $1,018 |
| Population | 1,461 | 206,098 |
The weather behind that power bill
Philo sits in Champaign County, which averages a high of 85.0°F in its hottest month and a low of 17.9°F in its coldest, with 36.97" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 1,054 cooling and 5,586 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Champaign County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Champaign County
Full Champaign County cost breakdown · Every county in Illinois
Common questions
How much does it cost to own a home in Philo?
A $198,000 home in Philo, Illinois costs approximately $1,834 per month with 20% down at 6.66%. That is $1,018 principal and interest, $291 property tax, $78 homeowners insurance, $282 utilities and $165 set aside for maintenance.
What is the property tax rate in Philo?
Philo has an effective property tax rate of 1.764%, based on a median home value of $198,100 and median real estate taxes of $3,494. That is lower than the Champaign County average of 2.070%.
What is the average home price in Philo?
The median owner-occupied home value in Philo, Illinois is $198,100, against $205,100 across Champaign County.
Is it cheaper to rent or buy in Philo?
Median gross rent in Philo is $1,063 a month, against $1,834 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 Philo — 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.