The typical owner-occupied home in Elberta is worth about $267,600, 16% above the Michigan median of $231,600 and 20% below the national median of $332,700. Owners pay a median $2,708 a year in property taxes, about 1.01% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $114,375 a year, so the median home costs 2.3 times the median income (3.2 times for Michigan). 96% of occupied homes here are lived in by their owners, and 61% of those owners still have a mortgage.
Elberta at a glance
| Elberta | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $267,600 | $231,600 | $332,700 |
| Median property tax paid per year | $2,708 | $2,904 | $3,119 |
| Property tax as a share of value | 1.01% | 1.25% | 0.94% |
| Median household income | $114,375 | $72,875 | $80,734 |
| Homes lived in by their owners | 96% | 73% | 65% |
| Owner homes with a mortgage | 61% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,103 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 12.8% | 19.3% | 21.0% |
| Median rent | – | $1,129 | $1,413 |
| Median year homes were built | 1943 | 1972 | 1980 |
| Vacant homes | 61.7% | 11.8% | 10.1% |
| Population | 174 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Elberta
At this week's average 30-year rate of 7.11%, buying the median Elberta home of $267,600 with 20% down costs about $1,777 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,223, 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 $76,151 for the 20%-down payment. That payment is 19% of the median Elberta household income of $114,375; at that income and 20% down, the 28% guideline points to a home of about $402,000.
| Down payment | $53,520 |
|---|---|
| Loan amount | $214,080 |
| Principal and interest | $1,440 |
| Property taxes (1.01% a year) | $225 |
| Homeowners insurance (our estimate, 0.5% a year) | $112 |
| PMI | $0 |
| Total per month | $1,777 |
Change the numbers in the calculator
| Down payment | $9,366 |
|---|---|
| Loan amount | $262,753 |
| Principal and interest | $1,768 |
| Property taxes (1.01% a year) | $225 |
| Homeowners insurance (our estimate, 0.5% a year) | $112 |
| FHA mortgage insurance | $118 |
| Total per month | $2,223 |
Change the numbers in the calculator
Questions about home buying in Elberta
What is the median home value in Elberta?
About $267,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elberta?
Homeowners pay a median $2,708 a year, which is about 1.01% 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 Elberta?
For the median home with 20% down at 7.11%, the payment is about $1,777 a month. Keeping that under 28% of gross income takes about $76,151 a year.
More about Elberta
- Mortgage Refinance in Elberta
- Debt Relief in Elberta
- Home Equity Loans in Elberta
- 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