Total monthly cost of ownership
Cost to Own a Home in Warsaw, Illinois
A $91,000 home here costs
$1,052per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $468. The real number is $584 higher every month — 125% 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.
Warsaw against Hancock County and Illinois
| Measure | Warsaw | Hancock County |
|---|---|---|
| Median home value | $90,700 | $108,400 |
| Median property tax | $2,272 | $2,020 |
| Effective tax rate | 2.505% | 1.863% |
| Median gross rent | $769 | $755 |
| Population | 1,511 | 17,434 |
The weather behind that power bill
Warsaw sits in Hancock County, which averages a high of 86.3°F in its hottest month and a low of 17.7°F in its coldest, with 40.11" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 1,170 cooling and 5,590 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Hancock County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Hancock County
Full Hancock County cost breakdown · Every county in Illinois
Common questions
How much does it cost to own a home in Warsaw?
A $91,000 home in Warsaw, Illinois costs approximately $1,052 per month with 20% down at 6.66%. That is $468 principal and interest, $190 property tax, $36 homeowners insurance, $282 utilities and $76 set aside for maintenance.
What is the property tax rate in Warsaw?
Warsaw has an effective property tax rate of 2.505%, based on a median home value of $90,700 and median real estate taxes of $2,272. That is higher than the Hancock County average of 1.863%.
What is the average home price in Warsaw?
The median owner-occupied home value in Warsaw, Illinois is $90,700, against $108,400 across Hancock County.
Is it cheaper to rent or buy in Warsaw?
Median gross rent in Warsaw is $769 a month, against $1,052 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 Warsaw — 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.