The typical owner-occupied home in Leonard is worth about $245,200, 6% above the Michigan median of $231,600 and 26% below the national median of $332,700. Owners pay a median $2,867 a year in property taxes, about 1.17% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $76,875 a year, so the median home costs 3.2 times the median income (3.2 times for Michigan). 97% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Leonard at a glance
| Leonard | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $245,200 | $231,600 | $332,700 |
| Median property tax paid per year | $2,867 | $2,904 | $3,119 |
| Property tax as a share of value | 1.17% | 1.25% | 0.94% |
| Median household income | $76,875 | $72,875 | $80,734 |
| Homes lived in by their owners | 97% | 73% | 65% |
| Owner homes with a mortgage | 67% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,600 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 21.7% | 19.3% | 21.0% |
| Median rent | – | $1,129 | $1,413 |
| Median year homes were built | 1949 | 1972 | 1980 |
| Vacant homes | 21.4% | 11.8% | 10.1% |
| Population | 346 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Leonard
At this week's average 30-year rate of 7.11%, buying the median Leonard home of $245,200 with 20% down costs about $1,661 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,069, 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 $71,178 for the 20%-down payment. That payment is 26% of the median Leonard household income of $76,875; at that income and 20% down, the 28% guideline points to a home of about $265,000.
| Down payment | $49,040 |
|---|---|
| Loan amount | $196,160 |
| Principal and interest | $1,320 |
| Property taxes (1.17% a year) | $239 |
| Homeowners insurance (our estimate, 0.5% a year) | $102 |
| PMI | $0 |
| Total per month | $1,661 |
Change the numbers in the calculator
| Down payment | $8,582 |
|---|---|
| Loan amount | $240,759 |
| Principal and interest | $1,620 |
| Property taxes (1.17% a year) | $239 |
| Homeowners insurance (our estimate, 0.5% a year) | $102 |
| FHA mortgage insurance | $108 |
| Total per month | $2,069 |
Change the numbers in the calculator
Questions about home buying in Leonard
What is the median home value in Leonard?
About $245,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Leonard?
Homeowners pay a median $2,867 a year, which is about 1.17% 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 Leonard?
For the median home with 20% down at 7.11%, the payment is about $1,661 a month. Keeping that under 28% of gross income takes about $71,178 a year.
More about Leonard
- Mortgage Refinance in Leonard
- Debt Relief in Leonard
- Home Equity Loans in Leonard
- 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