The typical owner-occupied home in South Rockwood is worth about $226,500, about the same as the Michigan median of $231,600 and 32% below the national median of $332,700. Owners pay a median $2,548 a year in property taxes, about 1.12% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $78,203 a year, so the median home costs 2.9 times the median income (3.2 times for Michigan). 63% of occupied homes here are lived in by their owners, and 50% of those owners still have a mortgage.
South Rockwood at a glance
| South Rockwood | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $226,500 | $231,600 | $332,700 |
| Median property tax paid per year | $2,548 | $2,904 | $3,119 |
| Property tax as a share of value | 1.12% | 1.25% | 0.94% |
| Median household income | $78,203 | $72,875 | $80,734 |
| Homes lived in by their owners | 63% | 73% | 65% |
| Owner homes with a mortgage | 50% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,438 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 21.5% | 19.3% | 21.0% |
| Median rent | $1,350 | $1,129 | $1,413 |
| Rent as a share of renters' income | 26.2% | 30.2% | 30.6% |
| Median year homes were built | 1987 | 1972 | 1980 |
| Vacant homes | 4.9% | 11.8% | 10.1% |
| Population | 1,924 | 10,077,761 | 334,922,499 |
What a typical home costs per month in South Rockwood
At this week's average 30-year rate of 7.11%, buying the median South Rockwood home of $226,500 with 20% down costs about $1,525 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,902, 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 $65,345 for the 20%-down payment. That payment is 23% of the median South Rockwood household income of $78,203; at that income and 20% down, the 28% guideline points to a home of about $271,000.
The median rent here is $1,350 a month, so owning the median home costs about $175 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $45,300 |
|---|---|
| Loan amount | $181,200 |
| Principal and interest | $1,219 |
| Property taxes (1.12% a year) | $211 |
| Homeowners insurance (our estimate, 0.5% a year) | $94 |
| PMI | $0 |
| Total per month | $1,525 |
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| Down payment | $7,928 |
|---|---|
| Loan amount | $222,398 |
| Principal and interest | $1,496 |
| Property taxes (1.12% a year) | $211 |
| Homeowners insurance (our estimate, 0.5% a year) | $94 |
| FHA mortgage insurance | $100 |
| Total per month | $1,902 |
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Questions about home buying in South Rockwood
What is the median home value in South Rockwood?
About $226,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in South Rockwood?
Homeowners pay a median $2,548 a year, which is about 1.12% 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 South Rockwood?
For the median home with 20% down at 7.11%, the payment is about $1,525 a month. Keeping that under 28% of gross income takes about $65,345 a year.
More about South Rockwood
- Mortgage Refinance in South Rockwood
- Debt Relief in South Rockwood
- Home Equity Loans in South Rockwood
- 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