The typical owner-occupied home in Spring Lake is worth about $320,200, 38% above the Michigan median of $231,600 and 4% below the national median of $332,700. Owners pay a median $3,703 a year in property taxes, about 1.16% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $88,365 a year, so the median home costs 3.6 times the median income (3.2 times for Michigan). 90% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Spring Lake at a glance
| Spring Lake | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $320,200 | $231,600 | $332,700 |
| Median property tax paid per year | $3,703 | $2,904 | $3,119 |
| Property tax as a share of value | 1.16% | 1.25% | 0.94% |
| Median household income | $88,365 | $72,875 | $80,734 |
| Homes lived in by their owners | 90% | 73% | 65% |
| Owner homes with a mortgage | 58% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,542 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 18.9% | 19.3% | 21.0% |
| Median rent | $1,079 | $1,129 | $1,413 |
| Rent as a share of renters' income | 45.1% | 30.2% | 30.6% |
| Median year homes were built | 1958 | 1972 | 1980 |
| Vacant homes | 6.5% | 11.8% | 10.1% |
| Population | 2,519 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Spring Lake
At this week's average 30-year rate of 7.11%, buying the median Spring Lake home of $320,200 with 20% down costs about $2,166 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,700, 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 $92,835 for the 20%-down payment. That payment is 29% of the median Spring Lake household income of $88,365; at that income and 20% down, the 28% guideline points to a home of about $305,000.
The median rent here is $1,079 a month, so owning the median home costs about $1,087 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $64,040 |
|---|---|
| Loan amount | $256,160 |
| Principal and interest | $1,723 |
| Property taxes (1.16% a year) | $310 |
| Homeowners insurance (our estimate, 0.5% a year) | $133 |
| PMI | $0 |
| Total per month | $2,166 |
Change the numbers in the calculator
| Down payment | $11,207 |
|---|---|
| Loan amount | $314,400 |
| Principal and interest | $2,115 |
| Property taxes (1.16% a year) | $310 |
| Homeowners insurance (our estimate, 0.5% a year) | $133 |
| FHA mortgage insurance | $142 |
| Total per month | $2,700 |
Change the numbers in the calculator
Questions about home buying in Spring Lake
What is the median home value in Spring Lake?
About $320,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Spring Lake?
Homeowners pay a median $3,703 a year, which is about 1.16% 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 Spring Lake?
For the median home with 20% down at 7.11%, the payment is about $2,166 a month. Keeping that under 28% of gross income takes about $92,835 a year.
More about Spring Lake
- Mortgage Refinance in Spring Lake
- Debt Relief in Spring Lake
- Home Equity Loans in Spring Lake
- 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