The typical owner-occupied home in Suttons Bay is worth about $523,200, 2.3 times the Michigan median of $231,600 and 57% above the national median of $332,700. Owners pay a median $4,471 a year in property taxes, about 0.85% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $125,357 a year, so the median home costs 4.2 times the median income (3.2 times for Michigan). 79% of occupied homes here are lived in by their owners, and 34% of those owners still have a mortgage.
Suttons Bay at a glance
| Suttons Bay | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $523,200 | $231,600 | $332,700 |
| Median property tax paid per year | $4,471 | $2,904 | $3,119 |
| Property tax as a share of value | 0.85% | 1.25% | 0.94% |
| Median household income | $125,357 | $72,875 | $80,734 |
| Homes lived in by their owners | 79% | 73% | 65% |
| Owner homes with a mortgage | 34% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $2,229 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 24.1% | 19.3% | 21.0% |
| Median rent | $1,193 | $1,129 | $1,413 |
| Rent as a share of renters' income | 29.5% | 30.2% | 30.6% |
| Median year homes were built | 1984 | 1972 | 1980 |
| Vacant homes | 45.9% | 11.8% | 10.1% |
| Population | 555 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Suttons Bay
At this week's average 30-year rate of 7.11%, buying the median Suttons Bay home of $523,200 with 20% down costs about $3,404 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $4,276, 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 $145,898 for the 20%-down payment. That payment is 33% of the median Suttons Bay household income of $125,357; at that income and 20% down, the 28% guideline points to a home of about $450,000.
The median rent here is $1,193 a month, so owning the median home costs about $2,211 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $104,640 |
|---|---|
| Loan amount | $418,560 |
| Principal and interest | $2,816 |
| Property taxes (0.85% a year) | $371 |
| Homeowners insurance (our estimate, 0.5% a year) | $218 |
| PMI | $0 |
| Total per month | $3,404 |
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| Down payment | $18,312 |
|---|---|
| Loan amount | $513,724 |
| Principal and interest | $3,456 |
| Property taxes (0.85% a year) | $371 |
| Homeowners insurance (our estimate, 0.5% a year) | $218 |
| FHA mortgage insurance | $231 |
| Total per month | $4,276 |
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Questions about home buying in Suttons Bay
What is the median home value in Suttons Bay?
About $523,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Suttons Bay?
Homeowners pay a median $4,471 a year, which is about 0.85% 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 Suttons Bay?
For the median home with 20% down at 7.11%, the payment is about $3,404 a month. Keeping that under 28% of gross income takes about $145,898 a year.
More about Suttons Bay
- Mortgage Refinance in Suttons Bay
- Debt Relief in Suttons Bay
- Home Equity Loans in Suttons Bay
- 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