Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Michigan and New York. Updated for 2026.
Metric
Michigan
New York
Median Home Price
$240K
$430K
Property Tax Rate
1.54%
1.72%
Avg Closing Costs
$4K
$12K
Closing Cost %
1.5%
2.8%
Transfer Tax
0.86%
0.8%
Homeowners Insurance
$1,800/yr
$2,100/yr
First-Time Buyer Program
MSHDA DPA
Up to $7,500 DPA
SONYMA Achieving the Dream
Up to $15,000 DPAL
Verdict
Michigan wins 5 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 New York. Both states offer first-time buyer programs — explore the state pages for full details.