The typical owner-occupied home in Tower is worth about $94,800, 59% below the Michigan median of $231,600 and 72% below the national median of $332,700. The median household earns $56,250 a year, so the median home costs 1.7 times the median income (3.2 times for Michigan). 66% of occupied homes here are lived in by their owners, and 20% of those owners still have a mortgage.
Tower at a glance
| Tower | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $94,800 | $231,600 | $332,700 |
| Median property tax paid per year | – | $2,904 | $3,119 |
| Median household income | $56,250 | $72,875 | $80,734 |
| Homes lived in by their owners | 66% | 73% | 65% |
| Owner homes with a mortgage | 20% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $767 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 17.1% | 19.3% | 21.0% |
| Median rent | $850 | $1,129 | $1,413 |
| Rent as a share of renters' income | 23.4% | 30.2% | 30.6% |
| Median year homes were built | 1971 | 1972 | 1980 |
| Vacant homes | 29.7% | 11.8% | 10.1% |
| Population | 275 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Tower
At this week's average 30-year rate of 7.11%, buying the median Tower home of $94,800 with 20% down costs about $637 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $794, 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 $27,282 for the 20%-down payment. That payment is 14% of the median Tower household income of $56,250; at that income and 20% down, the 28% guideline points to a home of about $195,000.
The median rent here is $850 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $18,960 |
|---|---|
| Loan amount | $75,840 |
| Principal and interest | $510 |
| Property taxes (1.10% a year) | $87 |
| Homeowners insurance (our estimate, 0.5% a year) | $40 |
| PMI | $0 |
| Total per month | $637 |
Change the numbers in the calculator
| Down payment | $3,318 |
|---|---|
| Loan amount | $93,083 |
| Principal and interest | $626 |
| Property taxes (1.10% a year) | $87 |
| Homeowners insurance (our estimate, 0.5% a year) | $40 |
| FHA mortgage insurance | $42 |
| Total per month | $794 |
Change the numbers in the calculator
Questions about home buying in Tower
What is the median home value in Tower?
About $94,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
What income do you need to buy a home in Tower?
For the median home with 20% down at 7.11%, the payment is about $637 a month. Keeping that under 28% of gross income takes about $27,282 a year.
More about Tower
- Mortgage Refinance in Tower
- Debt Relief in Tower
- Home Equity Loans in Tower
- 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