Cost of Ownership · Michigan
The true cost of owning a home in Michigan
For a median $231,600 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.
Lender-approved payment
$1,745/mo
PITI + PMI
True monthly cost
$1,938/mo
everything, incl. upkeep
The gap
+$193/mo
what approval leaves out
Effective property-tax rate
1.25%
Avg. homeowners premium
$1,056/yr
NFIP flood claims on record
14,921
Closing costs in Michigan
Median closing costs and lender origination charges on real home-purchase loans in Michigan, from public CFPB HMDA data. Cells with fewer than 25 loans aren't shown.
Median total closing costs
$4,532
Typically $3,537–$6,771
Median origination charges
$1,965
Typically $1,195–$3,686
| Loan size | p25 | Median | p75 | Loans |
|---|---|---|---|---|
| All | $3,537 | $4,532 | $6,771 | 89,631 |
| All | $3,312 | $4,466 | $6,809 | 88,088 |
| < $250k | $3,326 | $4,258 | $6,131 | 46,522 |
| < $250k | $3,133 | $4,171 | $6,144 | 52,870 |
| $250k–$500k | $3,691 | $4,668 | $7,791 | 34,667 |
| $250k–$500k | $3,529 | $4,985 | $8,406 | 29,321 |
| $500k–$750k | $3,882 | $4,862 | $7,671 | 4,563 |
| $500k–$750k | $4,150 | $4,971 | $7,083 | 5,970 |
| > $750k | $5,130 | $6,362 | $8,619 | 2,472 |
| > $750k | $4,801 | $6,043 | $8,135 | 1,334 |
Compare your own Loan Estimate with the Loan Estimate Decoder, or see every state in the Fee & Rate Index.
Common questions about buying a home in Michigan
- What are the median closing costs in Michigan?
- Median total closing costs — lender and third-party charges — on a home-purchase loan in Michigan are about $4,532, from public CFPB HMDA data. Cells with fewer than 25 loans are suppressed.
- What is the effective property-tax rate in Michigan?
- The effective property-tax rate in Michigan is about 1.25%, from the Census American Community Survey (median real estate taxes divided by median home value).
- What does a median home cost to own each month in Michigan?
- A median $231,600 home in Michigan costs about $1,938 a month to own — principal, interest, property tax, insurance, PMI, and a maintenance reserve — versus a lender-approved payment of about $1,745. Every figure is from public data.
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.