The typical owner-occupied home in Mackinac Island is worth about $733,300, 3.2 times the Michigan median of $231,600 and 2.2 times the national median of $332,700. Owners pay a median $6,667 a year in property taxes, about 0.91% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $95,000 a year, so the median home costs 7.7 times the median income (3.2 times for Michigan). 49% of occupied homes here are lived in by their owners, and 38% of those owners still have a mortgage.
Mackinac Island at a glance
| Mackinac Island | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $733,300 | $231,600 | $332,700 |
| Median property tax paid per year | $6,667 | $2,904 | $3,119 |
| Property tax as a share of value | 0.91% | 1.25% | 0.94% |
| Median household income | $95,000 | $72,875 | $80,734 |
| Homes lived in by their owners | 49% | 73% | 65% |
| Owner homes with a mortgage | 38% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $4,001 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 51.0% | 19.3% | 21.0% |
| Median rent | $1,197 | $1,129 | $1,413 |
| Rent as a share of renters' income | 12.9% | 30.2% | 30.6% |
| Median year homes were built | 1969 | 1972 | 1980 |
| Vacant homes | 78.7% | 11.8% | 10.1% |
| Population | 561 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Mackinac Island
At this week's average 30-year rate of 7.11%, buying the median Mackinac Island home of $733,300 with 20% down costs about $4,808 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $6,030, 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 $206,057 for the 20%-down payment. That payment is 61% of the median Mackinac Island household income of $95,000; at that income and 20% down, the 28% guideline points to a home of about $338,000.
The median rent here is $1,197 a month, so owning the median home costs about $3,611 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $146,660 |
|---|---|
| Loan amount | $586,640 |
| Principal and interest | $3,946 |
| Property taxes (0.91% a year) | $556 |
| Homeowners insurance (our estimate, 0.5% a year) | $306 |
| PMI | $0 |
| Total per month | $4,808 |
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| Down payment | $25,666 |
|---|---|
| Loan amount | $720,018 |
| Principal and interest | $4,844 |
| Property taxes (0.91% a year) | $556 |
| Homeowners insurance (our estimate, 0.5% a year) | $306 |
| FHA mortgage insurance | $324 |
| Total per month | $6,030 |
Change the numbers in the calculator
Questions about home buying in Mackinac Island
What is the median home value in Mackinac Island?
About $733,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Mackinac Island?
Homeowners pay a median $6,667 a year, which is about 0.91% 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 Mackinac Island?
For the median home with 20% down at 7.11%, the payment is about $4,808 a month. Keeping that under 28% of gross income takes about $206,057 a year.
More about Mackinac Island
- Mortgage Refinance in Mackinac Island
- Debt Relief in Mackinac Island
- Home Equity Loans in Mackinac Island
- 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