The typical owner-occupied home in Owosso is worth about $132,600, 43% below the Michigan median of $231,600 and 60% below the national median of $332,700. Owners pay a median $2,229 a year in property taxes, about 1.68% of their home's value, higher than the Michigan rate of 1.25%. The median household earns $54,229 a year, so the median home costs 2.4 times the median income (3.2 times for Michigan). 68% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Owosso at a glance
| Owosso | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $132,600 | $231,600 | $332,700 |
| Median property tax paid per year | $2,229 | $2,904 | $3,119 |
| Property tax as a share of value | 1.68% | 1.25% | 0.94% |
| Median household income | $54,229 | $72,875 | $80,734 |
| Homes lived in by their owners | 68% | 73% | 65% |
| Owner homes with a mortgage | 59% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,135 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 18.2% | 19.3% | 21.0% |
| Median rent | $784 | $1,129 | $1,413 |
| Rent as a share of renters' income | 29.7% | 30.2% | 30.6% |
| Median year homes were built | 1951 | 1972 | 1980 |
| Vacant homes | 9.2% | 11.8% | 10.1% |
| Population | 14,632 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Owosso
At this week's average 30-year rate of 7.11%, buying the median Owosso home of $132,600 with 20% down costs about $954 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,175, 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 $40,907 for the 20%-down payment. That payment is 21% of the median Owosso household income of $54,229; at that income and 20% down, the 28% guideline points to a home of about $176,000.
The median rent here is $784 a month, so owning the median home costs about $170 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $26,520 |
|---|---|
| Loan amount | $106,080 |
| Principal and interest | $714 |
| Property taxes (1.68% a year) | $186 |
| Homeowners insurance (our estimate, 0.5% a year) | $55 |
| PMI | $0 |
| Total per month | $954 |
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| Down payment | $4,641 |
|---|---|
| Loan amount | $130,198 |
| Principal and interest | $876 |
| Property taxes (1.68% a year) | $186 |
| Homeowners insurance (our estimate, 0.5% a year) | $55 |
| FHA mortgage insurance | $59 |
| Total per month | $1,175 |
Change the numbers in the calculator
Questions about home buying in Owosso
What is the median home value in Owosso?
About $132,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Owosso?
Homeowners pay a median $2,229 a year, which is about 1.68% 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 Owosso?
For the median home with 20% down at 7.11%, the payment is about $954 a month. Keeping that under 28% of gross income takes about $40,907 a year.
More about Owosso
- Mortgage Refinance in Owosso
- Debt Relief in Owosso
- Home Equity Loans in Owosso
- 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