Cost of Ownership · Michigan

The true cost of owning a home in Michigan

For a median $217,600 home in Michigan, here is the full monthly cost — not just the mortgage. Built from public data: the state's median home value and effective property-tax rate, its average homeowners premium, and the current 30-year rate. This is a representative example, not a quote.

As of Jul 5, 2026Methodology true-cost-v3

Lender-approved payment

$1,631/mo

PITI + PMI

True monthly cost

$1,813/mo

everything, incl. upkeep

The gap

+$181/mo

what approval leaves out

Principal & interest$1,229/mo

Property tax$233/mo

Homeowners insurance$88/mo

PMI (LTV > 80%)$82/mo

Maintenance reserve$181/mo

True monthly cost$1,813/mo

Effective property-tax rate

1.28%

Avg. homeowners premium

$1,056/yr

NFIP flood claims on record

14,921

These figures use Michigan’s median home value and a 10% down payment as a representative example. Your price, rate, and county rate will differ — run your own numbers in the True Cost tool, see how Michigan ranks on property tax and insurance, or browse every state.