Total monthly cost of ownership
Cost to Own a Home in Waterloo, Illinois
A $238,000 home here costs
$2,145per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,224. The real number is $921 higher every month — 75% 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.
Waterloo against Monroe County and Illinois
| Measure | Waterloo | Monroe County |
|---|---|---|
| Median home value | $237,900 | $265,600 |
| Median property tax | $4,167 | $4,523 |
| Effective tax rate | 1.752% | 1.703% |
| Median gross rent | $873 | $996 |
| Population | 11,055 | 34,969 |
The weather behind that power bill
Waterloo sits in Monroe County, which averages a high of 89.0°F in its hottest month and a low of 24.1°F in its coldest, with 40.84" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 1,476 cooling and 4,547 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Monroe County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Monroe County
Full Monroe County cost breakdown · Every county in Illinois
Common questions
How much does it cost to own a home in Waterloo?
A $238,000 home in Waterloo, Illinois costs approximately $2,145 per month with 20% down at 6.66%. That is $1,224 principal and interest, $347 property tax, $93 homeowners insurance, $282 utilities and $198 set aside for maintenance.
What is the property tax rate in Waterloo?
Waterloo has an effective property tax rate of 1.752%, based on a median home value of $237,900 and median real estate taxes of $4,167. That is higher than the Monroe County average of 1.703%.
What is the average home price in Waterloo?
The median owner-occupied home value in Waterloo, Illinois is $237,900, against $265,600 across Monroe County.
Is it cheaper to rent or buy in Waterloo?
Median gross rent in Waterloo is $873 a month, against $2,145 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 Waterloo — 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.