The typical owner-occupied home in Marshall is worth about $173,500, 25% below the Michigan median of $231,600 and 48% below the national median of $332,700. Owners pay a median $3,351 a year in property taxes, about 1.93% of their home's value, higher than the Michigan rate of 1.25%. The median household earns $76,050 a year, so the median home costs 2.3 times the median income (3.2 times for Michigan). 66% of occupied homes here are lived in by their owners, and 65% of those owners still have a mortgage.
Marshall at a glance
| Marshall | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $173,500 | $231,600 | $332,700 |
| Median property tax paid per year | $3,351 | $2,904 | $3,119 |
| Property tax as a share of value | 1.93% | 1.25% | 0.94% |
| Median household income | $76,050 | $72,875 | $80,734 |
| Homes lived in by their owners | 66% | 73% | 65% |
| Owner homes with a mortgage | 65% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,416 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 18.5% | 19.3% | 21.0% |
| Median rent | $1,088 | $1,129 | $1,413 |
| Rent as a share of renters' income | 22.8% | 30.2% | 30.6% |
| Median year homes were built | 1957 | 1972 | 1980 |
| Vacant homes | 7.5% | 11.8% | 10.1% |
| Population | 6,804 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Marshall
At this week's average 30-year rate of 7.11%, buying the median Marshall home of $173,500 with 20% down costs about $1,285 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,574, 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 $55,074 for the 20%-down payment. That payment is 20% of the median Marshall household income of $76,050; at that income and 20% down, the 28% guideline points to a home of about $240,000.
The median rent here is $1,088 a month, so owning the median home costs about $197 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $34,700 |
|---|---|
| Loan amount | $138,800 |
| Principal and interest | $934 |
| Property taxes (1.93% a year) | $279 |
| Homeowners insurance (our estimate, 0.5% a year) | $72 |
| PMI | $0 |
| Total per month | $1,285 |
Change the numbers in the calculator
| Down payment | $6,072 |
|---|---|
| Loan amount | $170,357 |
| Principal and interest | $1,146 |
| Property taxes (1.93% a year) | $279 |
| Homeowners insurance (our estimate, 0.5% a year) | $72 |
| FHA mortgage insurance | $77 |
| Total per month | $1,574 |
Change the numbers in the calculator
Questions about home buying in Marshall
What is the median home value in Marshall?
About $173,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Marshall?
Homeowners pay a median $3,351 a year, which is about 1.93% 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 Marshall?
For the median home with 20% down at 7.11%, the payment is about $1,285 a month. Keeping that under 28% of gross income takes about $55,074 a year.
More about Marshall
- Mortgage Refinance in Marshall
- Debt Relief in Marshall
- Home Equity Loans in Marshall
- 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