Mortgage payment estimates, closing cost breakdowns, and homebuying data for Dearborn, Michigan.
Median Home Price
$195K
Population
110K
Avg Monthly Rent
$1,120
Property Tax Rate
1.54% *
* Property tax shown is the Michigan state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Dearborn.
Dearborn vs Michigan Median
The median home price in Dearborn is $195,000, which is 19% below the Michigan state median of $240,000.
Mortgage Calculator — Dearborn, MI
Pre-filled with Dearborn median home price and Michigan tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $195K home using Michigan's 1.54% tax rate and $1,800/yr insurance.
5% Down
$1,679/mo
Down: $9,750
Loan: $185K
P&I: $1,171
Tax: $250
Insurance: $150
PMI: $108
10% Down
$1,612/mo
Down: $19,500
Loan: $176K
P&I: $1,109
Tax: $250
Insurance: $150
PMI: $102
20% Down (No PMI)
$1,386/mo
Down: $39,000
Loan: $156K
P&I: $986
Tax: $250
Insurance: $150
Income needed (28% rule): $59K/year with 20% down, $69K/year with 10% down.
Rent vs Buy in Dearborn
Rent
$1,120/mo
vs
Buy (10% down)
$1,612/mo
Price-to-rent ratio: 14.5 — With a ratio under 15, buying in Dearborn is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $492 more than renting, but you build equity with every payment.
The median home price in Dearborn is $195,000, 19% below the Michigan state median of $240,000. With a population of 109,976, Dearborn is a mid-size city 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 $195,000 home in Dearborn would carry roughly $250/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 Dearborn is $1,120/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Dearborn over the long term.
Dearborn offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Michigan's MSHDA DPA program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Dearborn.