The typical owner-occupied home in New Lothrop is worth about $205,700, 11% below the Michigan median of $231,600 and 38% below the national median of $332,700. Owners pay a median $3,500 a year in property taxes, about 1.70% of their home's value, higher than the Michigan rate of 1.25%. The median household earns $72,344 a year, so the median home costs 2.8 times the median income (3.2 times for Michigan). 71% of occupied homes here are lived in by their owners, and 57% of those owners still have a mortgage.
New Lothrop at a glance
| New Lothrop | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $205,700 | $231,600 | $332,700 |
| Median property tax paid per year | $3,500 | $2,904 | $3,119 |
| Property tax as a share of value | 1.70% | 1.25% | 0.94% |
| Median household income | $72,344 | $72,875 | $80,734 |
| Homes lived in by their owners | 71% | 73% | 65% |
| Owner homes with a mortgage | 57% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,538 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 18.8% | 19.3% | 21.0% |
| Median rent | $765 | $1,129 | $1,413 |
| Rent as a share of renters' income | 27.9% | 30.2% | 30.6% |
| Median year homes were built | 1971 | 1972 | 1980 |
| Vacant homes | 7.9% | 11.8% | 10.1% |
| Population | 733 | 10,077,761 | 334,922,499 |
What a typical home costs per month in New Lothrop
At this week's average 30-year rate of 7.11%, buying the median New Lothrop home of $205,700 with 20% down costs about $1,484 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,827, 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 $63,606 for the 20%-down payment. That payment is 25% of the median New Lothrop household income of $72,344; at that income and 20% down, the 28% guideline points to a home of about $234,000.
The median rent here is $765 a month, so owning the median home costs about $719 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $41,140 |
|---|---|
| Loan amount | $164,560 |
| Principal and interest | $1,107 |
| Property taxes (1.70% a year) | $291 |
| Homeowners insurance (our estimate, 0.5% a year) | $86 |
| PMI | $0 |
| Total per month | $1,484 |
Change the numbers in the calculator
| Down payment | $7,200 |
|---|---|
| Loan amount | $201,974 |
| Principal and interest | $1,359 |
| Property taxes (1.70% a year) | $291 |
| Homeowners insurance (our estimate, 0.5% a year) | $86 |
| FHA mortgage insurance | $91 |
| Total per month | $1,827 |
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Questions about home buying in New Lothrop
What is the median home value in New Lothrop?
About $205,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in New Lothrop?
Homeowners pay a median $3,500 a year, which is about 1.70% 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 New Lothrop?
For the median home with 20% down at 7.11%, the payment is about $1,484 a month. Keeping that under 28% of gross income takes about $63,606 a year.
More about New Lothrop
- Mortgage Refinance in New Lothrop
- Debt Relief in New Lothrop
- Home Equity Loans in New Lothrop
- 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