The typical owner-occupied home in New Buffalo is worth about $391,200, 69% above the Michigan median of $231,600 and 18% above the national median of $332,700. Owners pay a median $3,229 a year in property taxes, about 0.83% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $64,702 a year, so the median home costs 6.0 times the median income (3.2 times for Michigan). 77% of occupied homes here are lived in by their owners, and 62% of those owners still have a mortgage.
New Buffalo at a glance
| New Buffalo | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $391,200 | $231,600 | $332,700 |
| Median property tax paid per year | $3,229 | $2,904 | $3,119 |
| Property tax as a share of value | 0.83% | 1.25% | 0.94% |
| Median household income | $64,702 | $72,875 | $80,734 |
| Homes lived in by their owners | 77% | 73% | 65% |
| Owner homes with a mortgage | 62% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,779 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 23.2% | 19.3% | 21.0% |
| Median rent | $1,042 | $1,129 | $1,413 |
| Rent as a share of renters' income | 31.9% | 30.2% | 30.6% |
| Median year homes were built | 1973 | 1972 | 1980 |
| Vacant homes | 55.3% | 11.8% | 10.1% |
| Population | 1,338 | 10,077,761 | 334,922,499 |
What a typical home costs per month in New Buffalo
At this week's average 30-year rate of 7.11%, buying the median New Buffalo home of $391,200 with 20% down costs about $2,539 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,191, 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 $108,809 for the 20%-down payment. That payment is 47% of the median New Buffalo household income of $64,702; at that income and 20% down, the 28% guideline points to a home of about $233,000.
The median rent here is $1,042 a month, so owning the median home costs about $1,497 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $78,240 |
|---|---|
| Loan amount | $312,960 |
| Principal and interest | $2,105 |
| Property taxes (0.83% a year) | $271 |
| Homeowners insurance (our estimate, 0.5% a year) | $163 |
| PMI | $0 |
| Total per month | $2,539 |
Change the numbers in the calculator
| Down payment | $13,692 |
|---|---|
| Loan amount | $384,114 |
| Principal and interest | $2,584 |
| Property taxes (0.83% a year) | $271 |
| Homeowners insurance (our estimate, 0.5% a year) | $163 |
| FHA mortgage insurance | $173 |
| Total per month | $3,191 |
Change the numbers in the calculator
Questions about home buying in New Buffalo
What is the median home value in New Buffalo?
About $391,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in New Buffalo?
Homeowners pay a median $3,229 a year, which is about 0.83% 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 New Buffalo?
For the median home with 20% down at 7.11%, the payment is about $2,539 a month. Keeping that under 28% of gross income takes about $108,809 a year.
More about New Buffalo
- Mortgage Refinance in New Buffalo
- Debt Relief in New Buffalo
- Home Equity Loans in New Buffalo
- 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