The typical owner-occupied home in Berkley is worth about $316,700, 37% above the Michigan median of $231,600 and 5% below the national median of $332,700. Owners pay a median $3,934 a year in property taxes, about 1.24% of their home's value, close to the Michigan rate of 1.25%. The median household earns $116,239 a year, so the median home costs 2.7 times the median income (3.2 times for Michigan). 88% of occupied homes here are lived in by their owners, and 74% of those owners still have a mortgage.
Berkley at a glance
| Berkley | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $316,700 | $231,600 | $332,700 |
| Median property tax paid per year | $3,934 | $2,904 | $3,119 |
| Property tax as a share of value | 1.24% | 1.25% | 0.94% |
| Median household income | $116,239 | $72,875 | $80,734 |
| Homes lived in by their owners | 88% | 73% | 65% |
| Owner homes with a mortgage | 74% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,813 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 17.5% | 19.3% | 21.0% |
| Median rent | $1,526 | $1,129 | $1,413 |
| Rent as a share of renters' income | 22.5% | 30.2% | 30.6% |
| Median year homes were built | 1949 | 1972 | 1980 |
| Vacant homes | 3.9% | 11.8% | 10.1% |
| Population | 15,149 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Berkley
At this week's average 30-year rate of 7.11%, buying the median Berkley home of $316,700 with 20% down costs about $2,164 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,691, 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 $92,725 for the 20%-down payment. That payment is 22% of the median Berkley household income of $116,239; at that income and 20% down, the 28% guideline points to a home of about $397,000.
The median rent here is $1,526 a month, so owning the median home costs about $638 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $63,340 |
|---|---|
| Loan amount | $253,360 |
| Principal and interest | $1,704 |
| Property taxes (1.24% a year) | $327 |
| Homeowners insurance (our estimate, 0.5% a year) | $132 |
| PMI | $0 |
| Total per month | $2,164 |
Change the numbers in the calculator
| Down payment | $11,084 |
|---|---|
| Loan amount | $310,964 |
| Principal and interest | $2,092 |
| Property taxes (1.24% a year) | $327 |
| Homeowners insurance (our estimate, 0.5% a year) | $132 |
| FHA mortgage insurance | $140 |
| Total per month | $2,691 |
Change the numbers in the calculator
Questions about home buying in Berkley
What is the median home value in Berkley?
About $316,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Berkley?
Homeowners pay a median $3,934 a year, which is about 1.24% 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 Berkley?
For the median home with 20% down at 7.11%, the payment is about $2,164 a month. Keeping that under 28% of gross income takes about $92,725 a year.
More about Berkley
- Mortgage Refinance in Berkley
- Debt Relief in Berkley
- Home Equity Loans in Berkley
- 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