Side-by-side comparison of mortgage costs, property taxes, closing costs, and homeowners insurance between Michigan and Tennessee. Updated for 2026.
Metric
Michigan
Tennessee
Median Home Price
$240K
$340K
Property Tax Rate
1.54%
0.56%
Avg Closing Costs
$4K
$5K
Closing Cost %
1.5%
1.5%
Transfer Tax
0.86%
0.37%
Homeowners Insurance
$1,800/yr
$2,400/yr
First-Time Buyer Program
MSHDA DPA
Up to $7,500 DPA
THDA Great Choice Home Loan
Up to $25,000 DPA
Verdict
Michigan wins 3 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 Tennessee. Both states offer first-time buyer programs — explore the state pages for full details.