Total monthly cost of ownership
Cost to Own a Home in Spring Valley, Illinois
A $125,000 home here costs
$1,305per 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 $56,000 a year.
A standard mortgage calculator would have told you $681. The real number is $623 higher every month, 91% more than the payment most buyers budget for.
Compare Bureau County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Spring Valley against Bureau County and Illinois
| Measure | Spring Valley | Bureau County |
|---|---|---|
| Median home value | $125,000 | $121,900 |
| Median property tax | $3,220 | $2,522 |
| Effective tax rate | 2.576% | 2.069% |
| Median gross rent | $1,022 | $838 |
| Population | 5,508 | 33,027 |
The weather behind that power bill
Spring Valley sits in Bureau County, which averages a high of 84.5°F in its hottest month and a low of 13.8°F in its coldest, with 39.79" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 860 cooling and 6,401 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Bureau County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Bureau County
Full Bureau County cost breakdown · Every county in Illinois
Talk to someone who works this market
These are Spring Valley 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 Spring Valley every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Spring Valley I already own here and may sell
Common questions
How much does it cost to own a home in Spring Valley?
A $125,000 home in Spring Valley, Illinois costs approximately $1,305 per month with 20% down at 7.24%. That is $681 principal and interest, $268 property tax, $49 homeowners insurance, $202 utilities and $104 set aside for maintenance.
What is the property tax rate in Spring Valley?
Spring Valley has an effective property tax rate of 2.576%, based on a median home value of $125,000 and median real estate taxes of $3,220. That is higher than the Bureau County average of 2.069%.
What is the average home price in Spring Valley?
The median owner-occupied home value in Spring Valley, Illinois is $125,000, against $121,900 across Bureau County.
Is it cheaper to rent or buy in Spring Valley?
Median gross rent in Spring Valley is $1,022 a month, against $1,305 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 Spring Valley?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Spring Valley, Illinois at today's rate takes a household income of roughly $56,000 a year. That covers the full $1,305 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Spring Valley, 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.