Estimated Monthly Payment — Median Michigan Home
$1,866
Based on $250,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$250,000
Property Tax
1.54%
Avg. HOA
$150/mo
Median Rent
$1,100/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Michigan housing market
Michigan's housing market is well below the national average, with a median home price around $250,000. Detroit is the largest metro, with Grand Rapids a close second. Michigan offers some of the most affordable home prices in the country, but above-average property taxes mean total carrying costs are closer to national average. Michigan's effective property tax rate of 1.54% is above the national average.
The median Michigan home costs $250,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $1,291, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $1,866. First-time buyers in Michigan can explore programs through Michigan HFA.
Photo by Laura Brain on Unsplash
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FAQ
Michigan mortgage FAQs
What's the property tax rate in Michigan?
Michigan's effective property tax rate averages about 1.54% — above the national average. On a $250,000 home, that's roughly $321/month or $3,850/year.
How much do I need to earn to afford a typical Michigan home?
Using the 28/36 rule, a buyer would need roughly $70,000–$90,000 in gross annual income to comfortably afford Michigan's $250,000 median home with 20% down at current rates.
What first-time buyer programs are available in Michigan?
MSHDA offers the MI Home Loan with up to $10,000 down payment assistance and the MI 10K DPA Loan program with no interest and no monthly payments. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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