Total monthly cost of ownership
Cost to Own a Home in Phoenix, Illinois
A $86,000 home here costs
$1,044per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $442. The real number is $602 higher every month — 136% 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.
Phoenix against Cook County and Illinois
| Measure | Phoenix | Cook County |
|---|---|---|
| Median home value | $86,300 | $305,200 |
| Median property tax | $2,577 | $6,053 |
| Effective tax rate | 2.986% | 1.983% |
| Median gross rent | $1,010 | $1,381 |
| Population | 1,284 | 5,185,812 |
The weather behind that power bill
Phoenix 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 Phoenix?
A $86,000 home in Phoenix, Illinois costs approximately $1,044 per month with 20% down at 6.66%. That is $442 principal and interest, $214 property tax, $34 homeowners insurance, $282 utilities and $72 set aside for maintenance.
What is the property tax rate in Phoenix?
Phoenix has an effective property tax rate of 2.986%, based on a median home value of $86,300 and median real estate taxes of $2,577. That is higher than the Cook County average of 1.983%.
What is the average home price in Phoenix?
The median owner-occupied home value in Phoenix, Illinois is $86,300, against $305,200 across Cook County.
Is it cheaper to rent or buy in Phoenix?
Median gross rent in Phoenix is $1,010 a month, against $1,044 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 Phoenix — 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.