The typical owner-occupied home in Gaines is worth about $134,800, 42% below the Michigan median of $231,600 and 59% below the national median of $332,700. Owners pay a median $1,936 a year in property taxes, about 1.44% of their home's value, higher than the Michigan rate of 1.25%. The median household earns $62,083 a year, so the median home costs 2.2 times the median income (3.2 times for Michigan). 89% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Gaines at a glance
| Gaines | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $134,800 | $231,600 | $332,700 |
| Median property tax paid per year | $1,936 | $2,904 | $3,119 |
| Property tax as a share of value | 1.44% | 1.25% | 0.94% |
| Median household income | $62,083 | $72,875 | $80,734 |
| Homes lived in by their owners | 89% | 73% | 65% |
| Owner homes with a mortgage | 59% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $971 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 17.8% | 19.3% | 21.0% |
| Median rent | $850 | $1,129 | $1,413 |
| Rent as a share of renters' income | 30.8% | 30.2% | 30.6% |
| Median year homes were built | 1952 | 1972 | 1980 |
| Vacant homes | 4.9% | 11.8% | 10.1% |
| Population | 552 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Gaines
At this week's average 30-year rate of 7.11%, buying the median Gaines home of $134,800 with 20% down costs about $943 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,168, 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 $40,431 for the 20%-down payment. That payment is 18% of the median Gaines household income of $62,083; at that income and 20% down, the 28% guideline points to a home of about $207,000.
The median rent here is $850 a month, so owning the median home costs about $93 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $26,960 |
|---|---|
| Loan amount | $107,840 |
| Principal and interest | $725 |
| Property taxes (1.44% a year) | $162 |
| Homeowners insurance (our estimate, 0.5% a year) | $56 |
| PMI | $0 |
| Total per month | $943 |
Change the numbers in the calculator
| Down payment | $4,718 |
|---|---|
| Loan amount | $132,358 |
| Principal and interest | $890 |
| Property taxes (1.44% a year) | $162 |
| Homeowners insurance (our estimate, 0.5% a year) | $56 |
| FHA mortgage insurance | $60 |
| Total per month | $1,168 |
Change the numbers in the calculator
Questions about home buying in Gaines
What is the median home value in Gaines?
About $134,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Gaines?
Homeowners pay a median $1,936 a year, which is about 1.44% 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 Gaines?
For the median home with 20% down at 7.11%, the payment is about $943 a month. Keeping that under 28% of gross income takes about $40,431 a year.
More about Gaines
- Mortgage Refinance in Gaines
- Debt Relief in Gaines
- Home Equity Loans in Gaines
- 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