The typical owner-occupied home in Morrice is worth about $121,900, 47% below the Michigan median of $231,600 and 63% below the national median of $332,700. Owners pay a median $2,030 a year in property taxes, about 1.67% of their home's value, higher than the Michigan rate of 1.25%. The median household earns $66,071 a year, so the median home costs 1.8 times the median income (3.2 times for Michigan). 92% of occupied homes here are lived in by their owners, and 66% of those owners still have a mortgage.
Morrice at a glance
| Morrice | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $121,900 | $231,600 | $332,700 |
| Median property tax paid per year | $2,030 | $2,904 | $3,119 |
| Property tax as a share of value | 1.67% | 1.25% | 0.94% |
| Median household income | $66,071 | $72,875 | $80,734 |
| Homes lived in by their owners | 92% | 73% | 65% |
| Owner homes with a mortgage | 66% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,174 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 25.3% | 19.3% | 21.0% |
| Median rent | $1,010 | $1,129 | $1,413 |
| Rent as a share of renters' income | 15.9% | 30.2% | 30.6% |
| Median year homes were built | 1983 | 1972 | 1980 |
| Vacant homes | 3.7% | 11.8% | 10.1% |
| Population | 1,550 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Morrice
At this week's average 30-year rate of 7.11%, buying the median Morrice home of $121,900 with 20% down costs about $876 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,080, 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 $37,563 for the 20%-down payment. That payment is 16% of the median Morrice household income of $66,071; at that income and 20% down, the 28% guideline points to a home of about $214,000.
The median rent here is $1,010 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $24,380 |
|---|---|
| Loan amount | $97,520 |
| Principal and interest | $656 |
| Property taxes (1.67% a year) | $170 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| PMI | $0 |
| Total per month | $876 |
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| Down payment | $4,266 |
|---|---|
| Loan amount | $119,692 |
| Principal and interest | $805 |
| Property taxes (1.67% a year) | $170 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| FHA mortgage insurance | $54 |
| Total per month | $1,080 |
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Questions about home buying in Morrice
What is the median home value in Morrice?
About $121,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Morrice?
Homeowners pay a median $2,030 a year, which is about 1.67% 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 Morrice?
For the median home with 20% down at 7.11%, the payment is about $876 a month. Keeping that under 28% of gross income takes about $37,563 a year.
More about Morrice
- Mortgage Refinance in Morrice
- Debt Relief in Morrice
- Home Equity Loans in Morrice
- 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