Mortgage payment estimates, closing cost breakdowns, and homebuying data for Midland, Michigan.
Median Home Price
$215K
Population
42K
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 Midland.
Midland vs Michigan Median
The median home price in Midland is $215,000, which is 10% below the Michigan state median of $240,000.
Mortgage Calculator — Midland, MI
Pre-filled with Midland median home price and Michigan tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $215K home using Michigan's 1.54% tax rate and $1,800/yr insurance.
5% Down
$1,836/mo
Down: $10,750
Loan: $204K
P&I: $1,291
Tax: $276
Insurance: $150
PMI: $119
10% Down
$1,762/mo
Down: $21,500
Loan: $194K
P&I: $1,223
Tax: $276
Insurance: $150
PMI: $113
20% Down (No PMI)
$1,513/mo
Down: $43,000
Loan: $172K
P&I: $1,087
Tax: $276
Insurance: $150
Income needed (28% rule): $65K/year with 20% down, $76K/year with 10% down.
Rent vs Buy in Midland
Rent
$1,020/mo
vs
Buy (10% down)
$1,762/mo
Price-to-rent ratio: 17.6 — A ratio between 15-20 means the rent vs buy decision in Midland depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Midland is $215,000, 10% below the Michigan state median of $240,000. With a population of 42,042, Midland 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 $215,000 home in Midland would carry roughly $276/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 Midland is $1,020/month. The price-to-rent ratio in Midland is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Midland 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 Midland.