Mortgage payment estimates, closing cost breakdowns, and homebuying data for Detroit, Michigan.
Median Home Price
$85K
Population
639K
Avg Monthly Rent
$1,050
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 Detroit.
Detroit vs Michigan Median
The median home price in Detroit is $85,000, which is 65% below the Michigan state median of $240,000.
Mortgage Calculator — Detroit, MI
Pre-filled with Detroit median home price and Michigan tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $85K home using Michigan's 1.54% tax rate and $1,800/yr insurance.
5% Down
$817/mo
Down: $4,250
Loan: $81K
P&I: $510
Tax: $109
Insurance: $150
PMI: $47
10% Down
$787/mo
Down: $8,500
Loan: $77K
P&I: $484
Tax: $109
Insurance: $150
PMI: $45
20% Down (No PMI)
$689/mo
Down: $17,000
Loan: $68K
P&I: $430
Tax: $109
Insurance: $150
Income needed (28% rule): $30K/year with 20% down, $34K/year with 10% down.
Rent vs Buy in Detroit
Rent
$1,050/mo
vs
Buy (10% down)
$787/mo
Price-to-rent ratio: 6.7 — With a ratio under 15, buying in Detroit is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $263 less than renting, but you build equity with every payment.
The median home price in Detroit is $85,000, 65% below the Michigan state median of $240,000. With a population of 639,111, Detroit is a major metro area 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 $85,000 home in Detroit would carry roughly $109/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 Detroit is $1,050/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Detroit over the long term.
Detroit 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 Detroit.