Total monthly cost of ownership
Cost to Own a Home in Warsaw, Illinois
A $91,000 home here costs
$999per 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 $43,000 a year.
A standard mortgage calculator would have told you $496. The real number is $503 higher every month, 101% more than the payment most buyers budget for.
Compare Hancock County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Warsaw from a five-year rolling sample, and with about 1,511 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Hancock County figures are drawn from a far larger sample if you want a steadier number.
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 $134 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
Talk to someone who works this market
These are Warsaw 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 Warsaw every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Warsaw I already own here and may sell
Common questions
How much does it cost to own a home in Warsaw?
A $91,000 home in Warsaw, Illinois costs approximately $999 per month with 20% down at 7.24%. That is $496 principal and interest, $190 property tax, $36 homeowners insurance, $202 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 $999 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 Warsaw?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Warsaw, Illinois at today's rate takes a household income of roughly $43,000 a year. That covers the full $999 monthly cost, not just the mortgage payment.
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.