Mortgage payment estimates, closing cost breakdowns, and homebuying data for Lansing, Michigan.
Median Home Price
$165K
Population
113K
Avg Monthly Rent
$1,020
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 Lansing.
Lansing vs Michigan Median
The median home price in Lansing is $165,000, which is 31% below the Michigan state median of $240,000.
Mortgage Calculator — Lansing, MI
Pre-filled with Lansing median home price and Michigan tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $165K home using Michigan's 1.54% tax rate and $1,800/yr insurance.
5% Down
$1,444/mo
Down: $8,250
Loan: $157K
P&I: $991
Tax: $212
Insurance: $150
PMI: $91
10% Down
$1,387/mo
Down: $16,500
Loan: $149K
P&I: $939
Tax: $212
Insurance: $150
PMI: $87
20% Down (No PMI)
$1,196/mo
Down: $33,000
Loan: $132K
P&I: $834
Tax: $212
Insurance: $150
Income needed (28% rule): $51K/year with 20% down, $59K/year with 10% down.
Rent vs Buy in Lansing
Rent
$1,020/mo
vs
Buy (10% down)
$1,387/mo
Price-to-rent ratio: 13.5 — With a ratio under 15, buying in Lansing is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $367 more than renting, but you build equity with every payment.
The median home price in Lansing is $165,000, 31% below the Michigan state median of $240,000. With a population of 112,644, Lansing 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 $165,000 home in Lansing would carry roughly $212/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 Lansing is $1,020/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Lansing over the long term.
Lansing 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 Lansing.