The typical owner-occupied home in Vanderbilt is worth about $121,200, 48% below the Michigan median of $231,600 and 64% below the national median of $332,700. Owners pay a median $1,067 a year in property taxes, about 0.88% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $53,958 a year, so the median home costs 2.2 times the median income (3.2 times for Michigan). 68% of occupied homes here are lived in by their owners, and 57% of those owners still have a mortgage.
Vanderbilt at a glance
| Vanderbilt | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $121,200 | $231,600 | $332,700 |
| Median property tax paid per year | $1,067 | $2,904 | $3,119 |
| Property tax as a share of value | 0.88% | 1.25% | 0.94% |
| Median household income | $53,958 | $72,875 | $80,734 |
| Homes lived in by their owners | 68% | 73% | 65% |
| Owner homes with a mortgage | 57% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $944 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 22.7% | 19.3% | 21.0% |
| Median rent | $920 | $1,129 | $1,413 |
| Rent as a share of renters' income | 33.3% | 30.2% | 30.6% |
| Median year homes were built | 1963 | 1972 | 1980 |
| Vacant homes | 8.0% | 11.8% | 10.1% |
| Population | 341 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Vanderbilt
At this week's average 30-year rate of 7.11%, buying the median Vanderbilt home of $121,200 with 20% down costs about $792 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $994, 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 $33,927 for the 20%-down payment. That payment is 18% of the median Vanderbilt household income of $53,958; at that income and 20% down, the 28% guideline points to a home of about $193,000.
The median rent here is $920 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $24,240 |
|---|---|
| Loan amount | $96,960 |
| Principal and interest | $652 |
| Property taxes (0.88% a year) | $89 |
| Homeowners insurance (our estimate, 0.5% a year) | $50 |
| PMI | $0 |
| Total per month | $792 |
Change the numbers in the calculator
| Down payment | $4,242 |
|---|---|
| Loan amount | $119,005 |
| Principal and interest | $801 |
| Property taxes (0.88% a year) | $89 |
| Homeowners insurance (our estimate, 0.5% a year) | $50 |
| FHA mortgage insurance | $54 |
| Total per month | $994 |
Change the numbers in the calculator
Questions about home buying in Vanderbilt
What is the median home value in Vanderbilt?
About $121,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Vanderbilt?
Homeowners pay a median $1,067 a year, which is about 0.88% 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 Vanderbilt?
For the median home with 20% down at 7.11%, the payment is about $792 a month. Keeping that under 28% of gross income takes about $33,927 a year.
More about Vanderbilt
- Mortgage Refinance in Vanderbilt
- Debt Relief in Vanderbilt
- Home Equity Loans in Vanderbilt
- 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