The typical owner-occupied home in Houghton Lake is worth about $126,200, 46% below the Michigan median of $231,600 and 62% below the national median of $332,700. Owners pay a median $1,306 a year in property taxes, about 1.03% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $50,305 a year, so the median home costs 2.5 times the median income (3.2 times for Michigan). 81% of occupied homes here are lived in by their owners, and 43% of those owners still have a mortgage.
Houghton Lake at a glance
| Houghton Lake | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $126,200 | $231,600 | $332,700 |
| Median property tax paid per year | $1,306 | $2,904 | $3,119 |
| Property tax as a share of value | 1.03% | 1.25% | 0.94% |
| Median household income | $50,305 | $72,875 | $80,734 |
| Homes lived in by their owners | 81% | 73% | 65% |
| Owner homes with a mortgage | 43% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,076 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 21.4% | 19.3% | 21.0% |
| Median rent | $827 | $1,129 | $1,413 |
| Rent as a share of renters' income | 28.1% | 30.2% | 30.6% |
| Median year homes were built | 1974 | 1972 | 1980 |
| Vacant homes | 39.1% | 11.8% | 10.1% |
| Population | 5,769 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Houghton Lake
At this week's average 30-year rate of 7.11%, buying the median Houghton Lake home of $126,200 with 20% down costs about $840 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,050, 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 $36,003 for the 20%-down payment. That payment is 20% of the median Houghton Lake household income of $50,305; at that income and 20% down, the 28% guideline points to a home of about $176,000.
The median rent here is $827 a month, so owning the median home costs about $13 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $25,240 |
|---|---|
| Loan amount | $100,960 |
| Principal and interest | $679 |
| Property taxes (1.03% a year) | $108 |
| Homeowners insurance (our estimate, 0.5% a year) | $53 |
| PMI | $0 |
| Total per month | $840 |
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| Down payment | $4,417 |
|---|---|
| Loan amount | $123,914 |
| Principal and interest | $834 |
| Property taxes (1.03% a year) | $108 |
| Homeowners insurance (our estimate, 0.5% a year) | $53 |
| FHA mortgage insurance | $56 |
| Total per month | $1,050 |
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Questions about home buying in Houghton Lake
What is the median home value in Houghton Lake?
About $126,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Houghton Lake?
Homeowners pay a median $1,306 a year, which is about 1.03% 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 Houghton Lake?
For the median home with 20% down at 7.11%, the payment is about $840 a month. Keeping that under 28% of gross income takes about $36,003 a year.
More about Houghton Lake
- Mortgage Refinance in Houghton Lake
- Debt Relief in Houghton Lake
- Home Equity Loans in Houghton 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