The typical owner-occupied home in Alger County is worth about $176,200, 24% below the Michigan median of $231,600 and 47% below the national median of $332,700. Owners pay a median $1,656 a year in property taxes, about 0.94% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $61,286 a year, so the median home costs 2.9 times the median income (3.2 times for Michigan). 86% of occupied homes here are lived in by their owners, and 49% of those owners still have a mortgage.
Alger County at a glance
| Alger County | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $176,200 | $231,600 | $332,700 |
| Median property tax paid per year | $1,656 | $2,904 | $3,119 |
| Property tax as a share of value | 0.94% | 1.25% | 0.94% |
| Median household income | $61,286 | $72,875 | $80,734 |
| Homes lived in by their owners | 86% | 73% | 65% |
| Owner homes with a mortgage | 49% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,249 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 20.6% | 19.3% | 21.0% |
| Median rent | $714 | $1,129 | $1,413 |
| Rent as a share of renters' income | 21.9% | 30.2% | 30.6% |
| Median year homes were built | 1974 | 1972 | 1980 |
| Vacant homes | 43.2% | 11.8% | 10.1% |
| Population | 8,762 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Alger County
At this week's average 30-year rate of 7.11%, buying the median Alger County home of $176,200 with 20% down costs about $1,160 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,453, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $49,701 for the 20%-down payment. That payment is 23% of the median Alger County household income of $61,286; at that income and 20% down, the 28% guideline points to a home of about $217,000.
The median rent here is $714 a month, so owning the median home costs about $446 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $35,240 |
|---|---|
| Loan amount | $140,960 |
| Principal and interest | $948 |
| Property taxes (0.94% a year) | $138 |
| Homeowners insurance (our estimate, 0.5% a year) | $73 |
| PMI | $0 |
| Total per month | $1,160 |
Change the numbers in the calculator
| Down payment | $6,167 |
|---|---|
| Loan amount | $173,009 |
| Principal and interest | $1,164 |
| Property taxes (0.94% a year) | $138 |
| Homeowners insurance (our estimate, 0.5% a year) | $73 |
| FHA mortgage insurance | $78 |
| Total per month | $1,453 |
Change the numbers in the calculator
Questions about home buying in Alger County
What is the median home value in Alger County?
About $176,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Alger County?
Homeowners pay a median $1,656 a year, which is about 0.94% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Alger County?
For the median home with 20% down at 7.11%, the payment is about $1,160 a month. Keeping that under 28% of gross income takes about $49,701 a year.
More about Alger County
- Mortgage Refinance in Alger County
- Debt Relief in Alger County
- Home Equity Loans in Alger County
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data