Michigan Housing & Mortgage Data 2026
| Factor | Michigan Data |
|---|---|
| Average Property Tax Rate | 1.54% of assessed value/year |
| Property Tax on $400k Home | ~$6,160/year ($513/mo) |
| 30-Year Fixed Rate (2026 avg) | ~6.65% (varies by lender + credit) |
| State Income Tax | 4.05% |
| Sales Tax Rate | 6% |
Monthly Payment Estimate: Michigan
| Home Price | 20% Down | P&I (6.5%) | + Michigan Tax/mo | Total PITI est. |
|---|---|---|---|---|
| $300,000 | $60k | $1,517 | ~$385 | ~$2,015 |
| $400,000 | $80k | $2,025 | ~$513 | ~$2,688 |
| $500,000 | $100k | $2,528 | ~$642 | ~$3,358 |
| $600,000 | $120k | $3,034 | ~$770 | ~$4,029 |
| $750,000 | $150k | $3,791 | ~$963 | ~$5,035 |
P&I = Principal & Interest at 6.5% rate, 30-year fixed. PITI adds estimated Michigan property tax + homeowners insurance (~0.45% annually). PMI not included (assumes 20% down).
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Use the Free Calculator →Frequently Asked Questions
What is the property tax rate in Michigan?
Michigan's average effective property tax rate is 1.54% annually. On a $400,000 home, that's approximately $6,160/year or $513/month in taxes.
Is Michigan expensive to buy a home in?
Michigan's property tax rate of 1.54% is above the national average in the US. High property taxes significantly add to your monthly housing costs.
Related: PITI Calculator · PMI Calculator · Refinance Calculator