The typical owner-occupied home in Falmouth is worth about $145,000, 37% below the Michigan median of $231,600 and 56% below the national median of $332,700. Owners pay a median $971 a year in property taxes, about 0.67% of their home's value, lower than the Michigan rate of 1.25%. 80% of occupied homes here are lived in by their owners, and 35% of those owners still have a mortgage.
Falmouth at a glance
| Falmouth | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $145,000 | $231,600 | $332,700 |
| Median property tax paid per year | $971 | $2,904 | $3,119 |
| Property tax as a share of value | 0.67% | 1.25% | 0.94% |
| Median household income | – | $72,875 | $80,734 |
| Homes lived in by their owners | 80% | 73% | 65% |
| Owner homes with a mortgage | 35% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,034 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 20.6% | 19.3% | 21.0% |
| Median rent | $869 | $1,129 | $1,413 |
| Rent as a share of renters' income | 14.7% | 30.2% | 30.6% |
| Median year homes were built | 1968 | 1972 | 1980 |
| Vacant homes | 12.6% | 11.8% | 10.1% |
| Population | 222 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Falmouth
At this week's average 30-year rate of 7.11%, buying the median Falmouth home of $145,000 with 20% down costs about $922 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,163, 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 $39,502 for the 20%-down payment.
The median rent here is $869 a month, so owning the median home costs about $53 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $29,000 |
|---|---|
| Loan amount | $116,000 |
| Principal and interest | $780 |
| Property taxes (0.67% a year) | $81 |
| Homeowners insurance (our estimate, 0.5% a year) | $60 |
| PMI | $0 |
| Total per month | $922 |
Change the numbers in the calculator
| Down payment | $5,075 |
|---|---|
| Loan amount | $142,374 |
| Principal and interest | $958 |
| Property taxes (0.67% a year) | $81 |
| Homeowners insurance (our estimate, 0.5% a year) | $60 |
| FHA mortgage insurance | $64 |
| Total per month | $1,163 |
Change the numbers in the calculator
Questions about home buying in Falmouth
What is the median home value in Falmouth?
About $145,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Falmouth?
Homeowners pay a median $971 a year, which is about 0.67% 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 Falmouth?
For the median home with 20% down at 7.11%, the payment is about $922 a month. Keeping that under 28% of gross income takes about $39,502 a year.
More about Falmouth
- Mortgage Refinance in Falmouth
- Debt Relief in Falmouth
- Home Equity Loans in Falmouth
- 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