The typical owner-occupied home in Twin Lake is worth about $250,600, 8% above the Michigan median of $231,600 and 25% below the national median of $332,700. Owners pay a median $2,901 a year in property taxes, about 1.16% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $84,950 a year, so the median home costs 2.9 times the median income (3.2 times for Michigan). 94% of occupied homes here are lived in by their owners, and 63% of those owners still have a mortgage.
Twin Lake at a glance
| Twin Lake | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $250,600 | $231,600 | $332,700 |
| Median property tax paid per year | $2,901 | $2,904 | $3,119 |
| Property tax as a share of value | 1.16% | 1.25% | 0.94% |
| Median household income | $84,950 | $72,875 | $80,734 |
| Homes lived in by their owners | 94% | 73% | 65% |
| Owner homes with a mortgage | 63% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,295 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 20.5% | 19.3% | 21.0% |
| Median rent | – | $1,129 | $1,413 |
| Median year homes were built | 1985 | 1972 | 1980 |
| Vacant homes | 19.7% | 11.8% | 10.1% |
| Population | 2,036 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Twin Lake
At this week's average 30-year rate of 7.11%, buying the median Twin Lake home of $250,600 with 20% down costs about $1,695 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,113, 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 $72,656 for the 20%-down payment. That payment is 24% of the median Twin Lake household income of $84,950; at that income and 20% down, the 28% guideline points to a home of about $293,000.
| Down payment | $50,120 |
|---|---|
| Loan amount | $200,480 |
| Principal and interest | $1,349 |
| Property taxes (1.16% a year) | $242 |
| Homeowners insurance (our estimate, 0.5% a year) | $104 |
| PMI | $0 |
| Total per month | $1,695 |
Change the numbers in the calculator
| Down payment | $8,771 |
|---|---|
| Loan amount | $246,061 |
| Principal and interest | $1,655 |
| Property taxes (1.16% a year) | $242 |
| Homeowners insurance (our estimate, 0.5% a year) | $104 |
| FHA mortgage insurance | $111 |
| Total per month | $2,113 |
Change the numbers in the calculator
Questions about home buying in Twin Lake
What is the median home value in Twin Lake?
About $250,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Twin Lake?
Homeowners pay a median $2,901 a year, which is about 1.16% 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 Twin Lake?
For the median home with 20% down at 7.11%, the payment is about $1,695 a month. Keeping that under 28% of gross income takes about $72,656 a year.
More about Twin Lake
- Mortgage Refinance in Twin Lake
- Debt Relief in Twin Lake
- Home Equity Loans in Twin 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