Mortgage payment estimates, closing cost breakdowns, and homebuying data for Muskegon, Michigan.
Median Home Price
$145K
Population
37K
Avg Monthly Rent
$880
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 Muskegon.
Muskegon vs Michigan Median
The median home price in Muskegon is $145,000, which is 40% below the Michigan state median of $240,000.
Mortgage Calculator — Muskegon, MI
Pre-filled with Muskegon median home price and Michigan tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $145K home using Michigan's 1.54% tax rate and $1,800/yr insurance.
5% Down
$1,287/mo
Down: $7,250
Loan: $138K
P&I: $871
Tax: $186
Insurance: $150
PMI: $80
10% Down
$1,237/mo
Down: $14,500
Loan: $131K
P&I: $825
Tax: $186
Insurance: $150
PMI: $76
20% Down (No PMI)
$1,069/mo
Down: $29,000
Loan: $116K
P&I: $733
Tax: $186
Insurance: $150
Income needed (28% rule): $46K/year with 20% down, $53K/year with 10% down.
Rent vs Buy in Muskegon
Rent
$880/mo
vs
Buy (10% down)
$1,237/mo
Price-to-rent ratio: 13.7 — With a ratio under 15, buying in Muskegon is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $357 more than renting, but you build equity with every payment.
The median home price in Muskegon is $145,000, 40% below the Michigan state median of $240,000. With a population of 36,570, Muskegon 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 $145,000 home in Muskegon would carry roughly $186/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 Muskegon is $880/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Muskegon over the long term.
Muskegon 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 Muskegon.