Mortgage payment estimates, closing cost breakdowns, and first-time buyer programs for Michigan homebuyers.
Pre-filled with Michigan medians. Adjust for your property.
Estimated closing costs based on Michigan tax rates and fees.
The median home price in Michigan is $240,000, with property taxes averaging 1.54% annually. Michigan's property tax rate is well above the national average of ~1.1%, adding significant cost to monthly payments — budget carefully.
Closing costs in Michigan average $4K (1.5%% of purchase price). The state charges a 0.86% transfer tax on real estate transactions, which modestly adds to closing costs. Homeowners insurance runs approximately $1,800 per year. This is within the normal range nationally.
Michigan offers the MSHDA DPA for first-time buyers: Up to $7,500 DPA. Contact your state housing finance agency or a HUD-approved housing counselor for eligibility details and application steps.
Michigan offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with state assistance programs.