Total monthly cost of ownership
Cost to Own a Home in Waverly, Illinois
A $98,000 home here costs
$1,053per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $504. The real number is $549 higher every month — 109% 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.
Waverly against Morgan County and Illinois
| Measure | Waverly | Morgan County |
|---|---|---|
| Median home value | $97,600 | $128,700 |
| Median property tax | $1,748 | $2,420 |
| Effective tax rate | 1.791% | 1.880% |
| Median gross rent | $753 | $710 |
| Population | 1,456 | 32,621 |
The weather behind that power bill
Waverly sits in Morgan County, which averages a high of 86.5°F in its hottest month and a low of 18.1°F in its coldest, with 39.25" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 1,067 cooling and 5,510 heating degree days, which is what sets the $214 electricity line above.
See the full climate breakdown for Morgan County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Morgan County
Full Morgan County cost breakdown · Every county in Illinois
Common questions
How much does it cost to own a home in Waverly?
A $98,000 home in Waverly, Illinois costs approximately $1,053 per month with 20% down at 6.66%. That is $504 principal and interest, $146 property tax, $38 homeowners insurance, $282 utilities and $82 set aside for maintenance.
What is the property tax rate in Waverly?
Waverly has an effective property tax rate of 1.791%, based on a median home value of $97,600 and median real estate taxes of $1,748. That is lower than the Morgan County average of 1.880%.
What is the average home price in Waverly?
The median owner-occupied home value in Waverly, Illinois is $97,600, against $128,700 across Morgan County.
Is it cheaper to rent or buy in Waverly?
Median gross rent in Waverly is $753 a month, against $1,053 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 Waverly — 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.