Mortgage payment estimates, closing cost breakdowns, and homebuying data for Ann Arbor, Michigan.
Pre-filled with Ann Arbor median home price and Michigan tax/insurance rates. Adjust for your property.
Estimated closing costs based on Michigan rates and fees applied to Ann Arbor prices.
The median home price in Ann Arbor is $425,000, 77% above the Michigan state median of $240,000. With a population of 123,851, Ann Arbor is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in Michigan average 1.54% annually. This higher-than-average tax rate means a $425,000 home in Ann Arbor would carry roughly $545/month in property taxes alone — plan accordingly. Homeowners insurance in Michigan runs approximately $1,800 per year. This is within the normal range nationally.
Average rent in Ann Arbor is $1,650/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Ann Arbor is a higher-cost market. At $425K median, buyers need significant savings or strong income. Down payment assistance through Michigan's MSHDA DPA program becomes especially important.