Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Michigan and New Mexico. Updated for 2026.
Metric
Michigan
New Mexico
Median Home Price
$240K
$280K
Property Tax Rate
1.54%
0.8%
Avg Closing Costs
$4K
$4K
Closing Cost %
1.5%
1.4%
Transfer Tax
0.86%
None
Homeowners Insurance
$1,800/yr
$1,900/yr
First-Time Buyer Program
MSHDA DPA
Up to $7,500 DPA
MFA First Home
FIRSTDown DPA assistance
Verdict
Michigan and New Mexico are evenly matched across major housing cost categories. Your decision may come down to other factors like job market, climate, or lifestyle preferences. Use the calculators below to model your specific scenario.