The typical owner-occupied home in Lake Orion is worth about $376,600, 63% above the Michigan median of $231,600 and 13% above the national median of $332,700. Owners pay a median $5,465 a year in property taxes, about 1.45% of their home's value, higher than the Michigan rate of 1.25%. The median household earns $101,318 a year, so the median home costs 3.7 times the median income (3.2 times for Michigan). 73% of occupied homes here are lived in by their owners, and 64% of those owners still have a mortgage.
Lake Orion at a glance
| Lake Orion | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $376,600 | $231,600 | $332,700 |
| Median property tax paid per year | $5,465 | $2,904 | $3,119 |
| Property tax as a share of value | 1.45% | 1.25% | 0.94% |
| Median household income | $101,318 | $72,875 | $80,734 |
| Homes lived in by their owners | 73% | 73% | 65% |
| Owner homes with a mortgage | 64% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $2,431 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 15.6% | 19.3% | 21.0% |
| Median rent | $798 | $1,129 | $1,413 |
| Rent as a share of renters' income | 29.1% | 30.2% | 30.6% |
| Median year homes were built | 1959 | 1972 | 1980 |
| Vacant homes | 14.8% | 11.8% | 10.1% |
| Population | 2,863 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Lake Orion
At this week's average 30-year rate of 7.11%, buying the median Lake Orion home of $376,600 with 20% down costs about $2,639 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,266, 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 $113,088 for the 20%-down payment. That payment is 31% of the median Lake Orion household income of $101,318; at that income and 20% down, the 28% guideline points to a home of about $337,000.
The median rent here is $798 a month, so owning the median home costs about $1,841 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $75,320 |
|---|---|
| Loan amount | $301,280 |
| Principal and interest | $2,027 |
| Property taxes (1.45% a year) | $455 |
| Homeowners insurance (our estimate, 0.5% a year) | $157 |
| PMI | $0 |
| Total per month | $2,639 |
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| Down payment | $13,181 |
|---|---|
| Loan amount | $369,779 |
| Principal and interest | $2,488 |
| Property taxes (1.45% a year) | $455 |
| Homeowners insurance (our estimate, 0.5% a year) | $157 |
| FHA mortgage insurance | $167 |
| Total per month | $3,266 |
Change the numbers in the calculator
Questions about home buying in Lake Orion
What is the median home value in Lake Orion?
About $376,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lake Orion?
Homeowners pay a median $5,465 a year, which is about 1.45% 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 Lake Orion?
For the median home with 20% down at 7.11%, the payment is about $2,639 a month. Keeping that under 28% of gross income takes about $113,088 a year.
More about Lake Orion
- Mortgage Refinance in Lake Orion
- Debt Relief in Lake Orion
- Home Equity Loans in Lake Orion
- 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