The typical owner-occupied home in Elkton is worth about $92,300, 60% below the Michigan median of $231,600 and 72% below the national median of $332,700. Owners pay a median $1,497 a year in property taxes, about 1.62% of their home's value, higher than the Michigan rate of 1.25%. The median household earns $48,654 a year, so the median home costs 1.9 times the median income (3.2 times for Michigan). 61% of occupied homes here are lived in by their owners, and 46% of those owners still have a mortgage.
Elkton at a glance
| Elkton | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $92,300 | $231,600 | $332,700 |
| Median property tax paid per year | $1,497 | $2,904 | $3,119 |
| Property tax as a share of value | 1.62% | 1.25% | 0.94% |
| Median household income | $48,654 | $72,875 | $80,734 |
| Homes lived in by their owners | 61% | 73% | 65% |
| Owner homes with a mortgage | 46% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $928 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 16.7% | 19.3% | 21.0% |
| Median rent | $909 | $1,129 | $1,413 |
| Rent as a share of renters' income | 40.0% | 30.2% | 30.6% |
| Median year homes were built | 1959 | 1972 | 1980 |
| Vacant homes | 6.6% | 11.8% | 10.1% |
| Population | 750 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Elkton
At this week's average 30-year rate of 7.11%, buying the median Elkton home of $92,300 with 20% down costs about $660 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $814, 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 $28,277 for the 20%-down payment. That payment is 16% of the median Elkton household income of $48,654; at that income and 20% down, the 28% guideline points to a home of about $159,000.
The median rent here is $909 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $18,460 |
|---|---|
| Loan amount | $73,840 |
| Principal and interest | $497 |
| Property taxes (1.62% a year) | $125 |
| Homeowners insurance (our estimate, 0.5% a year) | $38 |
| PMI | $0 |
| Total per month | $660 |
Change the numbers in the calculator
| Down payment | $3,230 |
|---|---|
| Loan amount | $90,628 |
| Principal and interest | $610 |
| Property taxes (1.62% a year) | $125 |
| Homeowners insurance (our estimate, 0.5% a year) | $38 |
| FHA mortgage insurance | $41 |
| Total per month | $814 |
Change the numbers in the calculator
Questions about home buying in Elkton
What is the median home value in Elkton?
About $92,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elkton?
Homeowners pay a median $1,497 a year, which is about 1.62% 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 Elkton?
For the median home with 20% down at 7.11%, the payment is about $660 a month. Keeping that under 28% of gross income takes about $28,277 a year.
More about Elkton
- Mortgage Refinance in Elkton
- Debt Relief in Elkton
- Home Equity Loans in Elkton
- 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