The typical owner-occupied home in Fife Lake is worth about $202,300, 13% below the Michigan median of $231,600 and 39% below the national median of $332,700. Owners pay a median $2,293 a year in property taxes, about 1.13% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $68,472 a year, so the median home costs 3.0 times the median income (3.2 times for Michigan). 80% of occupied homes here are lived in by their owners, and 70% of those owners still have a mortgage.
Fife Lake at a glance
| Fife Lake | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $202,300 | $231,600 | $332,700 |
| Median property tax paid per year | $2,293 | $2,904 | $3,119 |
| Property tax as a share of value | 1.13% | 1.25% | 0.94% |
| Median household income | $68,472 | $72,875 | $80,734 |
| Homes lived in by their owners | 80% | 73% | 65% |
| Owner homes with a mortgage | 70% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,245 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 20.5% | 19.3% | 21.0% |
| Median rent | $1,632 | $1,129 | $1,413 |
| Rent as a share of renters' income | 19.8% | 30.2% | 30.6% |
| Median year homes were built | 1975 | 1972 | 1980 |
| Vacant homes | 38.8% | 11.8% | 10.1% |
| Population | 343 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Fife Lake
At this week's average 30-year rate of 7.11%, buying the median Fife Lake home of $202,300 with 20% down costs about $1,364 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,701, 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 $58,436 for the 20%-down payment. That payment is 24% of the median Fife Lake household income of $68,472; at that income and 20% down, the 28% guideline points to a home of about $237,000.
The median rent here is $1,632 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $40,460 |
|---|---|
| Loan amount | $161,840 |
| Principal and interest | $1,089 |
| Property taxes (1.13% a year) | $190 |
| Homeowners insurance (our estimate, 0.5% a year) | $84 |
| PMI | $0 |
| Total per month | $1,364 |
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| Down payment | $7,080 |
|---|---|
| Loan amount | $198,636 |
| Principal and interest | $1,336 |
| Property taxes (1.13% a year) | $190 |
| Homeowners insurance (our estimate, 0.5% a year) | $84 |
| FHA mortgage insurance | $89 |
| Total per month | $1,701 |
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Questions about home buying in Fife Lake
What is the median home value in Fife Lake?
About $202,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Fife Lake?
Homeowners pay a median $2,293 a year, which is about 1.13% 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 Fife Lake?
For the median home with 20% down at 7.11%, the payment is about $1,364 a month. Keeping that under 28% of gross income takes about $58,436 a year.
More about Fife Lake
- Mortgage Refinance in Fife Lake
- Debt Relief in Fife Lake
- Home Equity Loans in Fife Lake
- 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