Mortgage payment estimates, closing cost breakdowns, and homebuying data for Bay City, Michigan.
Pre-filled with Bay City median home price and Michigan tax/insurance rates. Adjust for your property.
Estimated closing costs based on Michigan rates and fees applied to Bay City prices.
The median home price in Bay City is $135,000, 44% below the Michigan state median of $240,000. With a population of 32,612, Bay City is a smaller market where home prices tend to be more accessible than in many parts of Michigan.
Property taxes in Michigan average 1.54% annually. This higher-than-average tax rate means a $135,000 home in Bay City would carry roughly $173/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 Bay City is $780/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Bay City over the long term.
Bay City offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Michigan's MSHDA DPA program.