The typical owner-occupied home in Mio is worth about $90,600, 61% below the Michigan median of $231,600 and 73% below the national median of $332,700. Owners pay a median $908 a year in property taxes, about 1.00% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $40,750 a year, so the median home costs 2.2 times the median income (3.2 times for Michigan). 77% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Mio at a glance
| Mio | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $90,600 | $231,600 | $332,700 |
| Median property tax paid per year | $908 | $2,904 | $3,119 |
| Property tax as a share of value | 1.00% | 1.25% | 0.94% |
| Median household income | $40,750 | $72,875 | $80,734 |
| Homes lived in by their owners | 77% | 73% | 65% |
| Owner homes with a mortgage | 58% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $865 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 23.6% | 19.3% | 21.0% |
| Median rent | $584 | $1,129 | $1,413 |
| Rent as a share of renters' income | 31.2% | 30.2% | 30.6% |
| Median year homes were built | 1972 | 1972 | 1980 |
| Vacant homes | 30.0% | 11.8% | 10.1% |
| Population | 1,474 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Mio
At this week's average 30-year rate of 7.11%, buying the median Mio home of $90,600 with 20% down costs about $601 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $752, 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 $25,750 for the 20%-down payment. That payment is 18% of the median Mio household income of $40,750; at that income and 20% down, the 28% guideline points to a home of about $143,000.
The median rent here is $584 a month, so owning the median home costs about $17 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $18,120 |
|---|---|
| Loan amount | $72,480 |
| Principal and interest | $488 |
| Property taxes (1.00% a year) | $76 |
| Homeowners insurance (our estimate, 0.5% a year) | $38 |
| PMI | $0 |
| Total per month | $601 |
Change the numbers in the calculator
| Down payment | $3,171 |
|---|---|
| Loan amount | $88,959 |
| Principal and interest | $598 |
| Property taxes (1.00% a year) | $76 |
| Homeowners insurance (our estimate, 0.5% a year) | $38 |
| FHA mortgage insurance | $40 |
| Total per month | $752 |
Change the numbers in the calculator
Questions about home buying in Mio
What is the median home value in Mio?
About $90,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Mio?
Homeowners pay a median $908 a year, which is about 1.00% 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 Mio?
For the median home with 20% down at 7.11%, the payment is about $601 a month. Keeping that under 28% of gross income takes about $25,750 a year.
More about Mio
- Mortgage Refinance in Mio
- Debt Relief in Mio
- Home Equity Loans in Mio
- 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