The typical home in Detroit, MI is worth about $180,000.
With 20% down that's a loan near $144,000 — the calculator
is pre-filled with that figure. The metro median hides a huge gap between the city, where prices are among the lowest in the nation, and affluent suburbs like Birmingham and Novi. Michigan caps annual taxable-value growth for existing owners, so a recent purchase can be taxed noticeably higher than a neighbor's.
$934.94 / month
Total interest
$192,577
Total paid
$336,577
Payoff
30.0 years
How much you need to earn
Detroit, MI's median household income is about
$62,000 a year. Under standard 28/36
lending rules that supports a home price around
$194,385 with 20% down —
comfortably above the $180,000 typical price.
Typical asking rent in Detroit, MI is about $1,250 a month, so owning the median home costs roughly
$103 more per month before tax
effects, maintenance, and any change in home value.
Frequently asked questions
What is a typical mortgage payment in Detroit, MI?
On the metro's roughly $180,000 typical home with 20% down, the loan is about $144,000. Principal and interest run near $935 a month at today's rate, and Detroit, MI's property tax plus insurance add about $418, for a full payment near $1,353.
Can I afford a home in Detroit, MI on the median income?
The median household income is about $62,000 a year. Under standard 28/36 lending rules that supports a home price around $194,385 with 20% down — above the $180,000 typical price, so a median home is within reach.
Is it cheaper to rent or buy in Detroit, MI?
Typical asking rent is about $1,250 a month. The full owner payment on a median home is near $1,353, so owning costs roughly $103 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Detroit, MI?
The effective property tax rate in the core county is about 1.40% of market value — roughly $2,520 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Detroit, MI rising or falling?
Home values are up about 7% over the past year. The metro median hides a huge gap between the city, where prices are among the lowest in the nation, and affluent suburbs like Birmingham and Novi. Michigan caps annual taxable-value growth for existing owners, so a recent purchase can be taxed noticeably higher than a neighbor's.