The typical owner-occupied home in Norway is worth about $91,100, 61% below the Michigan median of $231,600 and 73% below the national median of $332,700. Owners pay a median $1,393 a year in property taxes, about 1.53% of their home's value, higher than the Michigan rate of 1.25%. The median household earns $63,846 a year, so the median home costs 1.4 times the median income (3.2 times for Michigan). 75% of occupied homes here are lived in by their owners, and 52% of those owners still have a mortgage.
Norway at a glance
| Norway | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $91,100 | $231,600 | $332,700 |
| Median property tax paid per year | $1,393 | $2,904 | $3,119 |
| Property tax as a share of value | 1.53% | 1.25% | 0.94% |
| Median household income | $63,846 | $72,875 | $80,734 |
| Homes lived in by their owners | 75% | 73% | 65% |
| Owner homes with a mortgage | 52% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $783 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 12.8% | 19.3% | 21.0% |
| Median rent | $885 | $1,129 | $1,413 |
| Rent as a share of renters' income | 40.3% | 30.2% | 30.6% |
| Median year homes were built | 1954 | 1972 | 1980 |
| Vacant homes | 2.6% | 11.8% | 10.1% |
| Population | 2,833 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Norway
At this week's average 30-year rate of 7.11%, buying the median Norway home of $91,100 with 20% down costs about $644 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $796, 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 $27,616 for the 20%-down payment. That payment is 12% of the median Norway household income of $63,846; at that income and 20% down, the 28% guideline points to a home of about $211,000.
The median rent here is $885 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $18,220 |
|---|---|
| Loan amount | $72,880 |
| Principal and interest | $490 |
| Property taxes (1.53% a year) | $116 |
| Homeowners insurance (our estimate, 0.5% a year) | $38 |
| PMI | $0 |
| Total per month | $644 |
Change the numbers in the calculator
| Down payment | $3,188 |
|---|---|
| Loan amount | $89,450 |
| Principal and interest | $602 |
| Property taxes (1.53% a year) | $116 |
| Homeowners insurance (our estimate, 0.5% a year) | $38 |
| FHA mortgage insurance | $40 |
| Total per month | $796 |
Change the numbers in the calculator
Questions about home buying in Norway
What is the median home value in Norway?
About $91,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Norway?
Homeowners pay a median $1,393 a year, which is about 1.53% 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 Norway?
For the median home with 20% down at 7.11%, the payment is about $644 a month. Keeping that under 28% of gross income takes about $27,616 a year.
More about Norway
- Mortgage Refinance in Norway
- Debt Relief in Norway
- Home Equity Loans in Norway
- 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