The typical owner-occupied home in Palo is worth about $94,300, 59% below the Michigan median of $231,600 and 72% below the national median of $332,700. Owners pay a median $746 a year in property taxes, about 0.79% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $34,489 a year, so the median home costs 2.7 times the median income (3.2 times for Michigan). 100% of occupied homes here are lived in by their owners, and 14% of those owners still have a mortgage.
Palo at a glance
| Palo | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $94,300 | $231,600 | $332,700 |
| Median property tax paid per year | $746 | $2,904 | $3,119 |
| Property tax as a share of value | 0.79% | 1.25% | 0.94% |
| Median household income | $34,489 | $72,875 | $80,734 |
| Homes lived in by their owners | 100% | 73% | 65% |
| Owner homes with a mortgage | 14% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,625 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 22.5% | 19.3% | 21.0% |
| Median rent | – | $1,129 | $1,413 |
| Median year homes were built | 1938 | 1972 | 1980 |
| Vacant homes | 0.0% | 11.8% | 10.1% |
| Population | 375 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Palo
At this week's average 30-year rate of 7.11%, buying the median Palo home of $94,300 with 20% down costs about $609 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $766, 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 $26,094 for the 20%-down payment. That payment is 21% of the median Palo household income of $34,489; at that income and 20% down, the 28% guideline points to a home of about $125,000.
| Down payment | $18,860 |
|---|---|
| Loan amount | $75,440 |
| Principal and interest | $507 |
| Property taxes (0.79% a year) | $62 |
| Homeowners insurance (our estimate, 0.5% a year) | $39 |
| PMI | $0 |
| Total per month | $609 |
Change the numbers in the calculator
| Down payment | $3,300 |
|---|---|
| Loan amount | $92,592 |
| Principal and interest | $623 |
| Property taxes (0.79% a year) | $62 |
| Homeowners insurance (our estimate, 0.5% a year) | $39 |
| FHA mortgage insurance | $42 |
| Total per month | $766 |
Change the numbers in the calculator
Questions about home buying in Palo
What is the median home value in Palo?
About $94,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Palo?
Homeowners pay a median $746 a year, which is about 0.79% 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 Palo?
For the median home with 20% down at 7.11%, the payment is about $609 a month. Keeping that under 28% of gross income takes about $26,094 a year.
More about Palo
- Mortgage Refinance in Palo
- Debt Relief in Palo
- Home Equity Loans in Palo
- 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