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The following table shows current 30-year mortgage refinance rates. You can use the menus to select other loan durations, alter the loan amount. or change your location.
When it comes to seemingly endless recreational activities, breathtaking sunsets, wildlife preserves, and general unspoiled beauty, it's hard to beat the state of Michigan. This state is the tenth most populous in the nation, and it is the eleventh largest state by total area. Michigan is also home to the longest freshwater coastline in the United States. There are dozens of lighthouses, islands, and waterfalls, along with a rich history.
The cost of living in Michigan is 11% below the national average, and this drives people to settle here. There is also a broad range of cities, small towns, and rural areas you can choose from, and the cultural events keep the residents entertained year round. People also move to Michigan for the job opportunities and the plentiful housing market.
Michigan is a very diverse cultural state with large groups of people of Finnish heritage, Hmong heritage, and Japanese heritage. The largest population demographic is the upper 20s to early 30s, and people come to settle down and flourish in their careers.
When the economy collapsed between 2005 and 2006, Michigan saw a rapid decline in the population because the younger generation was leaving for better job offers. The pollution is another reason why people left Michigan. However, the past few years have seen a slow rise in the population as more people are moving in, and some people are moving back.
Michigan is an interesting blend of price levels that ranges from the very high-end to low-income areas. Ann Arbor’s college ambience boasts vintage homes that raise the general price level, counteracting the depressed areas of Detroit that are on the other end of the spectrum. The result of this stark dichotomy is that the average price of level across the state is in line with the rest of the country. Overall, the recent average home price within Michigan is between $260,000 and $320,000. As way of reference, the average in both California and New York is upwards of $400,000.
|Cost of Living||Michigan||National Average|
Michigan real estate has faced a unique set of challenges given the heavy reliance on the U.S. auto market. While the bankruptcies and bailouts of both Chrysler and General Motors have had a dramatic and far-reaching impact on the overall economy, these events also affected real estate prices throughout the state. Despite these unusual forces, the general prices levels, mortgage options and foreclosure procedures are important to understand before participating in the market. Through a thorough review of the various factors that affect Michigan real estate, you should be able to approach the market with confidence.
To counteract some of the affects of the meltdown in the automotive industry, and the resulting economic hardships that have been caused, Michigan has begun offering major tax incentives to technology companies that relocate to the state. The state seems to have multiple goals in making this push, with economic development being the primary objective. Additional goals include working to change the state’s image from one of old economy polluter to one of green-friendly tech haven. The Michigan political leadership seems to have taken on the task of trying to become home of the tech corridor of the Midwest.
To this end, the state has deemed this initiative “The Michigan Advantage,” and cites the following industries as the primary sources of growth in coming years: alternative energy, automotive engineering, life sciences, homeland security and defense, advanced manufacturing, and film. By focusing their efforts in these areas, the leadership hopes to attract new jobs to the state, and to create jobs for the large number of students that graduate from their universities each year. The important byproduct of this program is that it is already beginning to help with stabilizing prices.
The Michigan real estate market took a hard in when the housing bubble burst and the economic crisis happened. For a while, it seemed like the state wouldn't recover, and homes in Detroit were selling for just thousands of dollars. However, Michigan's real estate market has slowly started to revive. All over the state, housing prices are on the rebound, and they're beginning to rise fast.
As of 2015 in Southeast Michigan, the housing prices finally edged back to what they were pre-recession, and there are fewer homeowners that have underwater mortgages. Manufacturers are also beginning to build more homes throughout the state, and this is helping to balance out the real estate market for buyers and sellers. A trend that appeared in late 2015 to early 2016 was buyers purchasing smaller holmes for modest prices close to downtown areas, bulldozing them, and rebuilding larger homes to drive the prices up.
|% of Houses in the Price Range||Home Price|
|18.1%||$0 to $63,000|
|25.4%||$63,001 to $125,000|
|34.2%||$125,001 to $251,000|
|13.0%||$251,001 to $376,000|
|4.8%||$376,001 to $502,000|
|1.9%||$502,001 to $627,000|
|1.6%||$627,000 to $941,000|
|1.9%||$941,001 to $1,254,000|
|0.5%||Higher than $1,254,001|
Hisotorically, Michigan's housing market has had a steady rise. In 1993, Michigan saw a slight dip in the real estate market, and this lasted until early 1994. The market resumed climbing at a steady pace until early 1999, when it started to rise at a rapid pace. The real estate market continued to climb rapidly until late 2005 when it hit its peak.
Once the housing markets hit its peak in late 2005, they began a rocky freefall. There were slight comebacks in 2006, 2008, 2009, and 2010, with the markets hitting their lowest point in 2011. Once the market hit bottom, they rose slightly in late 2011, only to drop back down again. Since 2011, Michigan has slowly begun to rebuild its real estate market, and by 2015, the real estate prices were finally back around the prices there were before the housing bubble burst.
While prices have begun recovering, the homeownership rate continues its decent from a peak of 77.4% in 2006 to 72.8% in 2016.
Detroit's housing market rose steadily with a slight increase in 1995. The market continued this rise until the early 2000s when it was starting to rise rapidly. From 2000 until 2005, the real estate market experience a rocky period with home prices rising and falling. All of this came to a head in 2006 when the prices hit their highest and began to fall until there was a slight increase in prices in 2007. After 2007, the prices plummeted until they hit their low in 2011. They've begun slowly rising with dips and rises, and they continue to recover today.
Many home prices fell by 30% or more in many Michigan neighborhoods. Furthermore, the poverty and devaluation present in Detroit has reached such extreme levels so as to warrant national attention; some reports of “homes” being sold for under $1000 have recently circulated. While these instances may be limited, and the conditions in Detroit are not indicative of conditions in the state as a whole, this anecdotal evidence provides a glimpse of some of the extremes that can be reached. At the bottom of the market Detroit became known for $1 homes as the declining housing market coupled with problems in the auto market hitting the city worse than just about any other part of the country.
When you compare Michigan's housing market to the national average, you see that the national housing market had a steadier rise up until mid-2006 when prices began to decline. These prices had a rocky decline with several increases and prices that fell back down until 2012 when they hit their lowest point. Since 2012, the national housing market has had a rocky rise, much like Detroit.
|MI Rank||US Rank||Metropolitan Area||2016 Pop||2010 Pop||Change||% △|
|7||156||South Bend-Mishawaka, IN-MI Metro Area||320,740||319,224||1,516||0.47%|
|23||509||Marinette, WI-MI Micro Area||63,772||65,778||-2,006||-3.05%|
|31||729||Sault Ste. Marie||37,724||38,520||-796||-2.07%|
|33||818||Iron Mountain, MI-WI Micro Area||29,991||30,591||-600||-1.96%|
The state of Michigan has several notable cities, and they're all making a comeback from the housing crash. The affordability of many of these cities is one of the main reason people are moving here.
The city of Detroit is the largest city in Michigan with 672,795 people, and this makes it the 213rd most populated city in the nation. The Metro Detroit area has a total population of around 4.3 million people, making it the fourteenth-largest metropolitan in the United States. When it comes to a culturally diverse, it's hard to find a place that beats Detroit with both international and local influences.
You'll find three Fortune 500 companies based in this city, and they represent the healthcare, technology, finance, and automotive manufacturing. The Midtown area of Detroit has some of the largest employers, and thousands of Michigan residents are employed in the part of the state. In recent years, there has been massive overall of the businesses, with several new shopping centers coming in. The economy is recovering from its 2013 bankruptcy scare, and it received the nickname of America's Comeback City for its huge recovery.
Detroit and the rest of southeast Michigan are classified as having a humid continental climate that gets a lot of interference from the Great Lakes. The summers in this city are sunny and hot with an average temperature in the mid-80s from June through September. For the winters in this city, you typically see cold, snowy weather with temperatures remaining below freezing for 44 days each year. November through March usually has temperatures in the low 20s to low 30s.
Live music has been a huge part of Detroit's culture since the 1940s, and this continues today with dozens of concerts hosted throughout the city, including the internally-renowned Detroit Symphony Orchestra. There are also dozens of museums, and most of them are located in the culturally diverse neighborhood of the Wayne State University. The Fox Theater can seat over 5,000 people, and it is a popular place for live entertainment and music.
When it comes to higher education, Detroit has several institutions to choose from. The Wayne State University is considered to be a national research university that specializes in medical and law courses. Additionally, the College for Creative Studies is a technical college that caters to the arts. There are also a few Catholic and religion-based colleges to attend, and the public school system serves over 12,000 students.
Detroit has several prominent employers based throughout the city with a large concentration of them being based in the downtown area. The largest employer in this city is the Detroit Medical Center with 11,497 employees. The City of Detroit is the second-largest employer in this city with 9,591 employees, and Quicken Loans employs 9,192 people, making it the third-largest employer in the city. Additionally, several start-up companies are quickly gaining momentum, and young professionals come to this city to advance their careers.
The city of Detroit has extremely low home prices with the median home price being around $32,000, and this is a 34.0% jump in price over the past year. The home prices in this city are projected to rise another 9.0% in the oncoming year, and the price per square foot is right around $122. The Metro Detroit area has a median housing price of $142,500, with a price per square foot of $128.
The Grand Rapids area is a city with a population of 196,445, making it the second-largest city in Michigan. This city is a part of the Grand Rapids Metropolitan area, and that area has a combined population of over 1,000,000 people. You'll find five of the world's leading office furniture manufacturing companies here, and there is a large focus on manufacturing, healthcare, automotive, and technology to draw people in.
This city is very focused on the healthcare industry with the largest employer in Grand Rapids being a healthcare center. The economy also has large influences from the furniture, aviation, and automobile industries. There are also several agricultural opportunities available because of the city's close proximity to the Great Lakes, and dozens of people come here to jumpstart their careers.
Grand Rapids also has a humid continental climate that is characterized by warm, humid summers and cold, snowy winters with the lake effect playing a large role in the weather. Spring and autumn are characterized by short, cool seasons that rapidly change to summer and winter. On average, the temperature sits around 49 degrees, with around 138 nights every year falling below the freezing mark.
There are several cultural attractions throughout Grand Rapids year-round, with the annual Festival of Arts being a prominent one each year. Seven stages are set up to feature free live performances, music, food, and dance. Pulaski Days celebrates Grand Rapid's large Polish population and history every October with food, venues, and music. Finally, the Grand Rapids Art Museum opened its doors with its new venue in 2007 and features signification historical exhibits.
There is a large public school system in this city, and it includes traditional classrooms and charter schools. Grand Rapids is also home to the oldest co-educational Catholic school in the nation. There are several colleges and universities spread throughout the city in the public, private, and religious sectors. Grand Valley State University has 67 acres and 12 buildings that continues to expand, and the students can gain a variety of degrees. The Grand Rapids Community College has a campus in the downtown sector of the city as well.
As we stated before, health care plays a large role in this city's economy, and the biggest employer is Spectrum Health with over 23,000 employees and 1,300 doctors on staff. The second-largest employee is Meijer grocery chain and it has over 7,000 employees on staff. Finally, the automotive part manufacturer Johnson Controls is located here with 3,900 people.
Overall, the median home price in Grand Rapids area are much lower than the national average at $107,000, and this has gone up around 10.6% over the past year. The prices are projected to go up 5.2% in the past year, and the price per square foot is $113. Median home prices in the Grand Rapids Metro area are higher at $171,300, and the price per square foot is also higher at $137.
The capital of the state of Michigan is the city of Lansing, and Lansing has a growing population of 116,020 as of 2016, and this population makes it the fifth-largest city in Michigan. This city is part of the Lansing Metropolitan area, and the combined population is 475,099 residents. Lansing is the only state capital in the nation that isn't a county seat. Lansing is an important mecca for manufacturing, healthcare, insurance, education, government, and banking.
There are many state government workers that reside in Lansing along with many educators. The secondary education institutions are important employers in this city, and the opportunities for career advancement draw people each year. Additionally, healthcare is making a significant impact on the local economy with several notable hospitals and clinics spread throughout the city.
You'll find several cultural attractions located in this city throughout the year. The Michigan Pride Festival is held in Lansing every August, and it stretches from Riverfront Park to the Capitol building. Additionally, the African American Parade and Heritage Festival are hosted here each year as well. The Lansing Symphony Orchestra has been thriving since it began in 1929, and the Lansing Jazzfest is one of the nation's larger music festivals that is held here each year.
You'll experience a humid continental climate with this area, and you'll also experience the lake effect. The winters in this city are cold with heavy snowfall and frigid temperatures. The summers are very warm with heavy, humid air. The average temperature for June through September is in the mid-70s, and from November to March you'll experience low-20s to low-30s.
The Lansing area has a large public and private school sector that serves thousands of students. Michigan State University is considered a pioneer land-grant college and is one of the “Big Ten” universities that can be found here. There are over 200 academic programs of study, three medical schools, and a law school located within this university system. The Thomas M. Cooley Law School is considered to be the largest law school in the United States, and you can find it in the downtown district.
Education, government, and healthcare facilities make up the biggest economic drivers in this city. The largest employer in the city is the State of Michigan with over 14,200 people employed year-round. The second-biggest employer is Michigan State University, and it has over 11,100 members on its staff. The third-largest employer in Lansing is the Sparrow Health System, and it has 10,858 people on its staff.
The median house price in Lansing is very low compared to the national average at $67,000. This is an increase of 6.6% over the past year, and it is projected to rise another 4.1% in the coming year. The price per square foot is around $104, and this is lower than the Lansing Metro area's price per square foot of $116. Also, Lansing Metro's median home price is higher at $143,300.
As of 2016, the city of Flint had a population of 97,386 people. This population puts Flint as the seventh-largest city in the state of Michigan. Additionally, the Flint Metropolitan area has a combined population of 425,790 people. Flint has had a rocky past dotted with high crime rates and problems with finances. However, it is slowly getting better, and the city has obtained some financing in recent years.
In the mid-2000s, Flint suffered several large financial setbacks, and the state called a state of financial emergency that lasted until 2015. The economy began to improve with the American Cast Iron Pipe Company coming in and developing a company base in late 2013. Additionally, there were several large businesses that underwent extensive renovations in late 2013 to 2015. The economy is slowly starting to recover, and more people are coming here for the varied job opportunities.
Flint also has a humid continental climate with warm, humid summers and cold, snowy winters. April through October usually has temperatures ranging from the high 70s to mid-80s, with hot, humid air. December through March sees temperatures fluctuating from the mid-20s to the low 40s.
The Flint Cultural Center provides the residents of this city with a large variety of cultural events, and it is the second-largest art museum in the state of Michigan. It offers many books, movies, tours, and events all year-round. Flint is also home to several smaller museums like the Sloan Longway Museum that has automobile and planetarium galleries featured.
The Flint School district is made up of eleven elementary schools and two high schools. You'll also find the Michigan School for the Deaf in this city. There are several technical colleges and universities located here including Kettering University, which is a science, technology, engineering, and mathematics (STEM) college system, and the Michigan State University College of Human Medicine is also here.
Flint has several notable employers based throughout the city, but the largest employer is the Genesys Health System with almost 2,000 employees. The second-largest employer is also a health system called Mclaren Health Center with just over 1,500 employees. The final employer that rounds out the top three employers is the City of Flint with around 800 employees.
The median house price in Flint is extremely low at $36,700, with the price per square foot around $102. This is a price increase of 3.6% over the past year, and it is projected to rise another 3.8% in the next year. The Flint Metro area's median home prices are slightly higher at $98,200, and the price per square foot is around $110.
Ann Arbor has a population of 120,782 people as of 2016, and this population makes it the fifth-largest city in the state. There is a large education-based economy with room for career advancement, and this draws a lot of younger people to the area.
The local economy is strong, and it is based on education, healthcare, the research and development money from the university, and high tech companies. There are several websites and media companies that started up in this city and they are quickly making strides to becoming larger corporations. All of these factors attract industry professionals to this area.
Ann Arbor usually has a humid continental climate that is common in this area. This city has four distinct seasons, and they tend to be cooler and shorter periods. The summer months are marked by highs in the mid-80s and high humidity levels. The winters have average lows in the mid-30s with moderate to heavy snowfall.
There are several performing arts groups that perform at the University of Michigan's Ann Arbor campus. The University Musical Society is a group that puts on over 60 events year-round to Flint's residents. There are multiple galleries to attend, including the Ann Arbor Hands-On Museum. Finally, there are several art events that take place in Flint including the Ann Arbor Art Fairs.
The Ann Arbor, public school system, is home to one of the nation's leading music programs, and the school district has over 16,000 students enrolled every year. The University of Michigan gives the entire town a college-town feel, and it dominates the city's downtown area. The private business college Washtenaw Community College is also located here.
The University of Michigan is the biggest employer in this city with over 30,000 workers, and this includes 12,000 workers in the medical center. Trinity Health is the second-largest employer behind the University with just over 4,000 employees. Finally, the Ann Arbor Public School System rounds out the top three largest employers with 1,256 staff members.
Ann Arbor has a higher median home price at $304,394, and this price has risen 5.7% in the past year. It is projected to rise another 4.8%, and the average price per square foot is $197. These prices are higher than the Ann Arbor Metro area where the median home price is $262,500. The price per square foot is also lower in the Metro area at $152.
According to the United States Census an estimated 9,928,300 people live in the state of Michigan. The state has 56,538.9 mi² of land area, which gave it a population density of 175.6 per mi². Here is a list of cities, towns, townships, villages & Census Designated Places with more than 5,000 residents, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places (CDP) where there was no population estimate available for 2016 the 2011-2015 American Community Survey 5-Year Estimates data was used.
All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.
|Rank||Geography||County||2016 Pop||2010 Pop||Change||% △||Land mi²||Pop Den mi²|
|6||Lansing||Ingham & Eaton||116,020||114,297||1,723||1.51%||36.05||3,218.31|
|7||Clinton charter township||Macomb||100,392||96,796||3,596||3.72%||28.1||3,572.67|
|11||Canton charter township||Wayne||90,248||90,173||75||0.08%||36.11||2,499.25|
|16||Shelby charter township||Macomb||78,426||73,804||4,622||6.26%||34.26||2,289.14|
|21||Waterford charter township||Oakland||72,866||71,707||1,159||1.62%||30.66||2,376.58|
|22||West Bloomfield charter township||Oakland||65,771||64,690||1,081||1.67%||27.01||2,435.06|
|24||St. Clair Shores||Macomb||59,775||59,715||60||0.10%||11.62||5,144.15|
|29||Ypsilanti charter township||Washtenaw||54,875||53,362||1,513||2.84%||29.93||1,833.44|
|32||Georgetown charter township||Ottawa||50,520||46,985||3,535||7.52%||33.17||1,523.06|
|34||East Lansing||Ingham & Clinton||48,870||48,579||291||0.60%||13.59||3,596.03|
|37||Redford charter township||Wayne||47,062||48,362||-1,300||-2.69%||11.24||4,187.01|
|39||Commerce charter township||Oakland||42,529||40,186||2,343||5.83%||27.45||1,549.33|
|40||Meridian charter township||Ingham||42,414||39,688||2,726||6.87%||30.49||1,391.08|
|41||Bloomfield charter township||Oakland||42,123||41,070||1,053||2.56%||24.63||1,710.23|
|42||Midland||Midland & Bay||42,096||41,863||233||0.56%||33.69||1,249.51|
|43||Saginaw charter township||Saginaw||39,527||40,840||-1,313||-3.21%||24.5||1,613.35|
|44||Pittsfield charter township||Washtenaw||38,434||34,663||3,771||10.88%||27.26||1,409.90|
|45||Orion charter township||Oakland||38,401||35,394||3,007||8.50%||33.33||1,152.15|
|47||Holland charter township||Ottawa||37,658||35,636||2,022||5.67%||27.03||1,393.19|
|48||Grand Blanc charter township||Genesee||36,746||37,508||-762||-2.03%||32.7||1,123.73|
|50||Independence charter township||Oakland||36,521||34,681||1,840||5.31%||34.99||1,043.76|
|51||Holland||Ottawa & Allegan||33,543||33,051||492||1.49%||16.59||2,021.88|
|53||Plainfield charter township||Kent||33,397||30,952||2,445||7.90%||35.04||953.11|
|54||Delta charter township||Eaton||33,148||32,408||740||2.28%||32.46||1,021.20|
|58||Brownstown charter township||Wayne||31,025||30,627||398||1.30%||22.19||1,398.15|
|59||White Lake charter township||Oakland||30,875||30,019||856||2.85%||33.52||921.09|
|60||Flint charter township||Genesee||30,504||31,929||-1,425||-4.46%||23.28||1,310.31|
|63||Port Huron||St. Clair||29,231||30,184||-953||-3.16%||8.08||3,617.70|
|67||Van Buren charter township||Wayne||28,032||28,821||-789||-2.74%||33.97||825.20|
|Forest Hills CDP||Kent||27,415||25,867||1,548||5.98%||49.27||556.42|
|70||Delhi charter township||Ingham||26,949||25,877||1,072||4.14%||28.61||941.94|
|71||Plymouth charter township||Wayne||26,875||27,524||-649||-2.36%||15.93||1,687.07|
|73||Gaines charter township||Kent||26,535||25,146||1,389||5.52%||35.7||743.28|
|75||Allendale charter township||Ottawa||25,323||20,708||4,615||22.29%||31.13||813.46|
|77||Harrison charter township||Macomb||24,948||24,587||361||1.47%||14.46||1,725.31|
|81||Blackman charter township||Jackson||23,370||24,051||-681||-2.83%||31.71||736.99|
|84||Oshtemo charter township||Kalamazoo||22,802||21,705||1,097||5.05%||35.87||635.68|
|86||Kalamazoo charter township||Kalamazoo||22,614||21,918||696||3.18%||11.68||1,936.13|
|90||Oxford charter township||Oakland||21,711||20,526||1,185||5.77%||33.78||642.72|
|95||Mount Morris township||Genesee||20,518||21,501||-983||-4.57%||31.51||651.16|
|96||Genesee charter township||Genesee||20,430||21,581||-1,151||-5.33%||29.06||703.03|
|101||Highland charter township||Oakland||19,810||19,202||608||3.17%||34.11||580.77|
|103||Lyon charter township||Oakland||19,027||14,545||4,482||30.81%||30.95||614.77|
|104||Cascade charter township||Kent||18,899||17,134||1,765||10.30%||33.88||557.82|
|105||Oakland charter township||Oakland||18,868||16,779||2,089||12.45%||36.3||519.78|
|107||Green Oak township||Livingston||18,634||17,476||1,158||6.63%||34.3||543.27|
|109||Grand Rapids charter township||Kent||18,332||16,661||1,671||10.03%||15.34||1,195.05|
|111||Muskegon charter township||Muskegon||17,839||17,840||-1||-0.01%||22.94||777.64|
|113||Garfield charter township||Grand Traverse||17,019||16,256||763||4.69%||26.59||640.05|
|115||Texas charter township||Kalamazoo||16,713||14,697||2,016||13.72%||34.38||486.13|
|116||Milford charter township||Oakland||16,583||15,736||847||5.38%||32.99||502.67|
|119||Grand Haven charter township||Ottawa||16,251||15,178||1,073||7.07%||28.68||566.63|
|121||Huron charter township||Wayne||15,671||15,879||-208||-1.31%||35.35||443.31|
|122||Brandon charter township||Oakland||15,669||15,175||494||3.26%||35.11||446.28|
|123||Grosse Pointe Woods||Wayne||15,639||16,135||-496||-3.07%||3.25||4,812.00|
|124||Comstock charter township||Kalamazoo||15,532||14,854||678||4.56%||33.31||466.29|
|125||Traverse City||Grand Traverse & Leelanau||15,479||14,674||805||5.49%||8.33||1,858.22|
|126||Fenton charter township||Genesee||15,319||15,552||-233||-1.50%||23.8||643.66|
|129||Spring Lake township||Ottawa||14,900||14,300||600||4.20%||16.48||904.13|
|131||DeWitt charter township||Clinton||14,730||14,321||409||2.86%||31.03||474.70|
|136||Lincoln charter township||Berrien||14,492||14,691||-199||-1.35%||17.91||809.16|
|138||Benton charter township||Berrien||14,410||14,749||-339||-2.30%||32.37||445.17|
|139||Springfield charter township||Oakland||14,284||13,940||344||2.47%||35.43||403.16|
|140||Monroe charter township||Monroe||14,197||14,568||-371||-2.55%||16.9||840.06|
|141||Bangor charter township||Bay||14,128||14,641||-513||-3.50%||14.1||1,001.99|
|143||Fruitport charter township||Muskegon||14,060||13,598||462||3.40%||29.98||468.98|
|147||Superior charter township||Washtenaw||13,753||13,058||695||5.32%||35.21||390.60|
|149||Sault Ste. Marie||Chippewa||13,704||14,144||-440||-3.11%||14.77||927.83|
|150||Union charter township||Isabella||13,680||12,927||753||5.83%||28.16||485.80|
|154||Vienna charter township||Genesee||12,719||13,255||-536||-4.04%||35.01||363.30|
|155||Bath charter township||Clinton||12,589||11,598||991||8.54%||31.83||395.51|
|159||Antwerp township||Van Buren||12,115||12,182||-67||-0.55%||34.69||349.24|
|163||Emmett charter township||Calhoun||11,639||11,770||-131||-1.11%||32||363.72|
|164||East Grand Rapids||Kent||11,637||10,694||943||8.82%||2.93||3,971.67|
|168||East Bay township||Grand Traverse||11,441||10,663||778||7.30%||39.93||286.53|
|169||Fenton||Genesee, Livingston & Oakland||11,367||11,756||-389||-3.31%||6.68||1,701.65|
|171||Niles||Berrien & Cass||11,257||11,600||-343||-2.96%||5.79||1,944.21|
|172||Grosse Pointe Park||Wayne||11,126||11,555||-429||-3.71%||2.17||5,127.19|
|173||Fort Gratiot charter township||St. Clair||11,050||11,108||-58||-0.52%||15.96||692.36|
|180||Zeeland charter township||Ottawa||10,769||9,971||798||8.00%||34.4||313.05|
|181||Cooper charter township||Kalamazoo||10,730||10,111||619||6.12%||36.33||295.35|
|184||Monitor charter township||Bay||10,489||10,735||-246||-2.29%||36.78||285.18|
|Comstock Park CDP||Kent||10,431||10,088||343||3.40%||3.88||2,688.40|
|189||Port Huron charter township||St. Clair||10,388||10,654||-266||-2.50%||12.84||809.03|
|191||Flushing charter township||Genesee||10,234||10,640||-406||-3.82%||31.37||326.24|
|193||Grosse Ile township||Wayne||10,121||10,371||-250||-2.41%||9.2||1,100.11|
|194||Bridgeport charter township||Saginaw||9,991||10,514||-523||-4.97%||34.43||290.18|
|197||St. Joseph charter township||Berrien||9,843||10,028||-185||-1.84%||6.65||1,480.15|
|198||Flat Rock||Wayne & Monroe||9,828||9,878||-50||-0.51%||6.53||1,505.05|
|201||Hampton charter township||Bay||9,539||9,652||-113||-1.17%||27.33||349.03|
|204||Bedford charter township||Calhoun||9,429||9,357||72||0.77%||29.1||324.02|
|206||Long Lake township||Grand Traverse||9,303||8,662||641||7.40%||29.9||311.14|
|208||Berlin charter township||Monroe||9,220||9,299||-79||-0.85%||32||288.13|
|210||Grosse Pointe Farms||Wayne||9,155||9,479||-324||-3.42%||2.75||3,329.09|
|213||Kimball township||St. Clair||9,139||9,358||-219||-2.34%||37.14||246.07|
|216||Oronoko charter township||Berrien||9,061||9,193||-132||-1.44%||32.33||280.27|
|218||York charter township||Washtenaw||9,020||8,708||312||3.58%||34.7||259.94|
|219||Pennfield charter township||Calhoun||8,910||9,001||-91||-1.01%||34.27||259.99|
|220||Clay township||St. Clair||8,873||9,066||-193||-2.13%||35.32||251.22|
|224||Blair township||Grand Traverse||8,724||8,209||515||6.27%||35.61||244.99|
|228||Madison charter township||Lenawee||8,473||8,621||-148||-1.72%||30.39||278.81|
|240||Buena Vista charter township||Saginaw||8,163||8,676||-513||-5.91%||35.48||230.07|
|241||Lansing charter township||Ingham||8,147||8,126||21||0.26%||4.93||1,652.54|
|242||Tallmadge charter township||Ottawa||8,109||7,575||534||7.05%||32.21||251.75|
|245||Jamestown charter township||Ottawa||8,016||7,034||982||13.96%||35.38||226.57|
|246||Spring Arbor township||Jackson||8,014||8,267||-253||-3.06%||35.1||228.32|
|253||Grand Ledge||Eaton & Clinton||7,807||7,786||21||0.27%||3.57||2,186.83|
|255||Three Rivers||St. Joseph||7,713||7,811||-98||-1.25%||5.4||1,428.33|
|Fair Plain CDP||Berrien||7,706||7,631||75||0.98%||4.21||1,830.40|
|262||Kinross charter township||Chippewa||7,424||7,561||-137||-1.81%||119.72||62.01|
|266||Clayton charter township||Genesee||7,244||7,581||-337||-4.45%||34.16||212.06|
|269||Augusta charter township||Washtenaw||7,046||6,745||301||4.46%||36.7||191.99|
|272||Paw Paw township||Van Buren||6,911||7,041||-130||-1.85%||34.91||197.97|
|273||Windsor charter township||Eaton||6,895||6,838||57||0.83%||34.49||199.91|
|274||Oscoda charter township||Iosco||6,852||6,997||-145||-2.07%||121.99||56.17|
|276||St. Clair township||St. Clair||6,752||6,817||-65||-0.95%||38.41||175.79|
|Whitmore Lake CDP||Washtenaw & Livingston||6,653||6,423||230||3.58%||4.21||1,580.29|
|284||Lowell charter township||Kent||6,515||5,949||566||9.51%||32.57||200.03|
|Byron Center CDP||Kent||6,391||5,822||569||9.77%||5.08||1,258.07|
|291||Calumet charter township||Houghton||6,382||6,489||-107||-1.65%||33.16||192.46|
|297||Bear Creek township||Emmet||6,313||6,201||112||1.81%||39.57||159.54|
|300||Green Lake township||Grand Traverse||6,201||5,784||417||7.21%||29.18||212.51|
|Buena Vista CDP||Saginaw||6,192||6,816||-624||-9.15%||4.45||1,391.46|
|South Monroe CDP||Monroe||6,177||6,433||-256||-3.98%||2.37||2,606.33|
|307||Gun Plain township||Allegan||6,053||5,895||158||2.68%||34.06||177.72|
|309||Milan||Washtenaw & Monroe||6,014||5,836||178||3.05%||3.32||1,811.45|
|311||Northville||Oakland & Wayne||5,979||5,970||9||0.15%||2.05||2,916.59|
|313||Montrose charter township||Genesee||5,949||6,224||-275||-4.42%||34.25||173.69|
|314||Chocolay charter township||Marquette||5,942||5,903||39||0.66%||58.98||100.75|
|315||Grass Lake charter township||Jackson||5,940||5,684||256||4.50%||46.43||127.93|
|316||Richmond||Macomb & St. Clair||5,876||5,735||141||2.46%||2.85||2,061.75|
|317||Peninsula township||Grand Traverse||5,831||5,433||398||7.33%||27.89||209.07|
|326||Birch Run township||Saginaw||5,749||6,033||-284||-4.71%||35.51||161.90|
|329||Breitung charter township||Dickinson||5,717||5,853||-136||-2.32%||64.27||88.95|
|330||Grayling charter township||Crawford||5,680||5,827||-147||-2.52%||170.74||33.27|
|Lake Fenton CDP||Genesee||5,512||5,559||-47||-0.85%||5.51||1,000.36|
|338||Clyde township||St. Clair||5,467||5,579||-112||-2.01%||35.65||153.35|
|339||Larkin charter township||Midland||5,368||5,136||232||4.52%||32.09||167.28|
|340||St. Clair||St. Clair||5,367||5,485||-118||-2.15%||2.93||1,831.74|
|343||Watertown charter township||Clinton||5,268||4,836||432||8.93%||35.51||148.35|
|Comstock Northwest CDP||Kalamazoo||5,140||5,455||-315||-5.77%||3.17||1,621.45|
|353||Ira township||St. Clair||5,062||5,178||-116||-2.24%||17.03||297.24|
Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.
As of 2023 the conforming loan limit across the United States is set to $726,200, with a ceiling of 150% that amount in areas where median home values are higher. High local affordability makes the $726,200 ceiling apply statewide for single unit homes. Dual unit homes have a limit of $929,850, triple unit homes have a limit of $1,123,900 & quadruple unit homes have a limit of $1,396,800. Loans above these limits are considered jumbo mortgages. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions.
Several different types of home loans are available in the Mitten State. Fixed-rate loans are very common, and the terms include thirty, twenty, fifteen, and ten years. The longer the life of the mortgage, the lower the monthly payment will be, which is why the 30-year loan is the most popular. The downside of this, however, is that the APR is higher compared to shorter-term loans. The difference can be as large as a full percentage point.
In addition to conventional 30-year and 15-year fixed-rate mortgages, lenders offer a wide variety of adjustable rate mortgages (ARM’s). While these instruments have lost some of their attractiveness during the recession, there are still circumstances where they offer the only way for a borrower to qualify. Properly structured (that is, with strict limits on how much the rate can fluctuate), such loans are still a legitimate way for borrowers to purchase a home and start building equity while establishing their credit so as to qualify for conventional loans upon the ARM’s expiration. These loans provide interest rates that fluctuate, as the name implies. The APR is usually fixed for an initial term, such as three, five, seven or ten years. Then the rate adjusts depending on the performance of a referenced index rate, usually once per year; but it can change more frequently. The loan agreement may state in detail how frequently the APR can change, and it may also include a rate cap to prevent large changes.
Balloon mortgages are another route for aspiring homeowners. Balloon mortgages are when a large portion of the borrowed principle is repaid in a single payment at the end of the loan period. Balloon loans are not common for most residential buyers, but are more common for commercial loans and people with significant financial assets.
A few lenders in the Mitten State offer interest-only loans, but usually only for periods of three years. These are mortgages where payments are applied only to interest for a period of time. The loan's principal isn't paid down, so the monthly payments are very low. The low monthly payments only lasts a few years, however. Typically, it's about three years. After this period, monthly payments spike because the loan's principal hasn't been reduced & the remainder of the loan must be paid off in a compressed period of time. For example, on a 3 year IO 30-year loan, the first 3 years are interest only payments, then the loan principal must be paid in full in the subsequent 27 years.
When qualifying for a loan, a credit score of 720 or better can help secure a favorable loan. Some mortgage lenders in stronger markets have approved borrowers with credit scores around 640. The best rates and deals will be obtained with a score above 740. There is a lot of competition among lenders, and this environment can create nice perks for borrowers. For example, some banks will offer special deals on closing costs for borrowers who qualify. The cost might be added to the mortgage or the bank will pay the closing costs but add a few basis points to the APR.
A debt-to-income ratio of 40% and a down payment of 20% are what most banks want to see on a home loan application. They will accept worse numbers, but fees and APR's could go up as a result. Also, a down payment of less than 20% typically results in required mortgage insurance. This down payment requirement does not apply for Federal assistance programs such as FHA, in which applicants can have a lower credit score and income but still receive financing.
The piggyback loan is another type of mortgage which is simply two mortgages in one. The piggyback loan can eliminate the need for private mortgage insurance by covering 80% of the home's value with the first loan, while the second loan helps to pay for part of the down payment.
Prospective home buyers who don't find what they're looking for at one of the state's private banks may want to take a look at some of the mortgage options the federal government offers. One of them is the loan program at the Veterans Administration, which provides mortgages with zero down. On top of that great deal, VA loans do not require private mortgage insurance. The agency does, however, charge a funding fee, and this varies from 1.2% to 3.3%. Making a voluntary down payment will reduce this charge. And in case you're wondering, yes you do have to be a qualified veteran to get one of these unbeatable deals.
If you're not a vet, you may want to consider the Federal Housing Administration's home loan services. The FHA offers loans to people who have a credit score of at least 580 and who can put at least 3.5% down. The government agency also offers mortgages for lower credit scores, but it requires more money down with these loans.
USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan.
Michigan State Specific Real Estate Programs
Michigan First Home Program
If you're a first-time homebuyer, or if you've previously purchased a home and lost it to foreclosure, you could qualify for the Michigan First Home Program. This program will give you up to $7,500 toward your down payment for your new home. You will have to complete a Homebuyer Education class before you receive the assistance. Additionally, if you've lost a home to foreclosure, you have to restore your credit, and give yourself a three-year window to recover. A few other eligibility requirements are:
Step Forward Michigan
The Step Forward Michigan program is also known as the Hardest Hit Fund, and it can help homebuyers catch up on their mortgage payments, property taxes, or miscellaneous fees. This program is federally funded through the state of Michigan. You can get up to $30,000 in assistance to help you retain ownership of your home. As long as you stay in the home as your primary residence, this loan is forgivable at a rate of 20% each year. So, if a homeowner is still in residence after five years, the entire loan is forgiven. A few eligibility requirements are:
Homeowner's insurance policies typically do not cover flooding. Most of the state of Michigan is considered to have a very low flooding risk. Counties with elevated risk profiles are listed below.
Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.
The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don't incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government's costs in the next disaster.
Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.
Hail damage is common along the eastern edge of the state. Damage from hail is typically covered by home insurance policies.
Michigan's tax burden has decreased over the years, and by 2014, Michigan's per capita tax burden is below the national average. In 2014 the tax burden in Michigan was $900, and this places it 19% below the national average. When you look at both local and state taxes as a percentage of personal income, Michigan is again below the national average of 16%.
Michigan has an adverse property law, and this law means someone can move into a home, follows a few simple steps, and obtain the title to that home. The person must begin this process by moving into a vacant or abandoned property. They must own this property and a public and transparent way, and make it clear that they occupy the dwelling. The new homeowner must then make improvements to the property and be able to prove all of the improvements they're making. In Michigan, the occupant must do this for a period of 15 years before they can claim the title to the property and legally own it.
In 1993, Michigan taxpayers demanded a way to ease their financial burdens. It split the property into two sections known as a homestead and non-homestead. The homestead property is a homeowner's primary residence, and a non-homestead would be a business or rental property. Before the law, property taxes could increase based on the property's state equalized value, and this is 50% of the cash value of the property. Proposition A put a cap on how much property taxes could rise in one year. After this proposition passed, property taxes can't increase more than 5% or the rate of inflation in any one year period. Additionally, it added $0.02 to the state sales tax as well.
When a homeowner sells the property, the property's state equalized value is measured and capped again, so the new owner won't have a large tax increase to worry about. They'll get the 5% cap or rate of inflation per year, whichever one is less.
Michigan is a recourse state, and this means that a lender can come after you if you lose your home to foreclosure and they sell it for a deficiency. For example, say you're a homeowner that goes into foreclosure, and you owe $170,000 on your mortgage. The lender then sells the property, but they only sell it for $80,000. The lender would have a loss or a ‘deficiency' $90,000 they could take you to court for the $90,000 they lost in the sale. The lender can get the money from you by putting a levy on your bank account or garnishing your wages.
Most lenders prefer to use the non-judicial system for foreclosure, and this means they foreclose on the property without going through a court system. However, to do this non-judicial foreclosure, there are steps the lender has to follow, so the foreclosure is valid.
Days 2 – 36.Day 45.Days 46 – 121.Day 122.Sheriff Sale.Redemption Process.Eviction.
Check out the following resources to learn more about the Michigan housing market.
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