Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Florida and Michigan. Updated for 2026.
Metric
Florida
Michigan
Median Home Price
$395K
$240K
Property Tax Rate
0.86%
1.54%
Avg Closing Costs
$7K
$4K
Closing Cost %
1.8%
1.5%
Transfer Tax
0.7%
0.86%
Homeowners Insurance
$4,200/yr
$1,800/yr
First-Time Buyer Program
Florida Hometown Heroes
Up to 5% as 0% deferred loan
MSHDA DPA
Up to $7,500 DPA
Verdict
Michigan wins 4 of 6 cost categories, making it the more affordable state for homebuyers overall. With a median home price of $240K and lower overall costs, Michigan offers meaningful savings compared to Florida. Both states offer first-time buyer programs — explore the state pages for full details.