Mortgage Calculator & Closing Costs: Traverse City, MI
Mortgage payment estimates, closing cost breakdowns, and homebuying data for Traverse City, Michigan.
Median Home Price
$385K
Population
16K
Avg Monthly Rent
$1,450
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 Traverse City.
Traverse City vs Michigan Median
The median home price in Traverse City is $385,000, which is 60% above the Michigan state median of $240,000.
Mortgage Calculator — Traverse City, MI
Pre-filled with Traverse City median home price and Michigan tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $385K home using Michigan's 1.54% tax rate and $1,800/yr insurance.
5% Down
$3,169/mo
Down: $19,250
Loan: $366K
P&I: $2,312
Tax: $494
Insurance: $150
PMI: $213
10% Down
$3,036/mo
Down: $38,500
Loan: $347K
P&I: $2,190
Tax: $494
Insurance: $150
PMI: $202
20% Down (No PMI)
$2,591/mo
Down: $77,000
Loan: $308K
P&I: $1,947
Tax: $494
Insurance: $150
Income needed (28% rule): $111K/year with 20% down, $130K/year with 10% down.
Rent vs Buy in Traverse City
Rent
$1,450/mo
vs
Buy (10% down)
$3,036/mo
Price-to-rent ratio: 22.1 — At a ratio above 20, renting may be more economical in Traverse City for shorter stays. Buying costs $1,586 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Traverse City is $385,000, 60% above the Michigan state median of $240,000. With a population of 15,678, Traverse City is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Michigan average 1.54% annually. This higher-than-average tax rate means a $385,000 home in Traverse City would carry roughly $494/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 Traverse City is $1,450/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Traverse City presents moderate affordability. The $385K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Traverse City.