The typical owner-occupied home in Mackinaw City is worth about $224,300, 3% below the Michigan median of $231,600 and 33% below the national median of $332,700. Owners pay a median $2,730 a year in property taxes, about 1.22% of their home's value, close to the Michigan rate of 1.25%. The median household earns $42,031 a year, so the median home costs 5.3 times the median income (3.2 times for Michigan). 67% of occupied homes here are lived in by their owners, and 36% of those owners still have a mortgage.
Mackinaw City at a glance
| Mackinaw City | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $224,300 | $231,600 | $332,700 |
| Median property tax paid per year | $2,730 | $2,904 | $3,119 |
| Property tax as a share of value | 1.22% | 1.25% | 0.94% |
| Median household income | $42,031 | $72,875 | $80,734 |
| Homes lived in by their owners | 67% | 73% | 65% |
| Owner homes with a mortgage | 36% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,598 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 27.2% | 19.3% | 21.0% |
| Median rent | $865 | $1,129 | $1,413 |
| Rent as a share of renters' income | 31.7% | 30.2% | 30.6% |
| Median year homes were built | 1972 | 1972 | 1980 |
| Vacant homes | 44.8% | 11.8% | 10.1% |
| Population | 778 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Mackinaw City
At this week's average 30-year rate of 7.11%, buying the median Mackinaw City home of $224,300 with 20% down costs about $1,529 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,902, 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 $65,511 for the 20%-down payment. That payment is 44% of the median Mackinaw City household income of $42,031; at that income and 20% down, the 28% guideline points to a home of about $144,000.
The median rent here is $865 a month, so owning the median home costs about $664 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $44,860 |
|---|---|
| Loan amount | $179,440 |
| Principal and interest | $1,207 |
| Property taxes (1.22% a year) | $228 |
| Homeowners insurance (our estimate, 0.5% a year) | $93 |
| PMI | $0 |
| Total per month | $1,529 |
Change the numbers in the calculator
| Down payment | $7,850 |
|---|---|
| Loan amount | $220,237 |
| Principal and interest | $1,482 |
| Property taxes (1.22% a year) | $228 |
| Homeowners insurance (our estimate, 0.5% a year) | $93 |
| FHA mortgage insurance | $99 |
| Total per month | $1,902 |
Change the numbers in the calculator
Questions about home buying in Mackinaw City
What is the median home value in Mackinaw City?
About $224,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Mackinaw City?
Homeowners pay a median $2,730 a year, which is about 1.22% 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 Mackinaw City?
For the median home with 20% down at 7.11%, the payment is about $1,529 a month. Keeping that under 28% of gross income takes about $65,511 a year.
More about Mackinaw City
- Mortgage Refinance in Mackinaw City
- Debt Relief in Mackinaw City
- Home Equity Loans in Mackinaw City
- 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