The typical owner-occupied home in Whitmore Lake is worth about $287,700, 24% above the Michigan median of $231,600 and 14% below the national median of $332,700. Owners pay a median $4,130 a year in property taxes, about 1.44% of their home's value, higher than the Michigan rate of 1.25%. The median household earns $86,779 a year, so the median home costs 3.3 times the median income (3.2 times for Michigan). 70% of occupied homes here are lived in by their owners, and 68% of those owners still have a mortgage.
Whitmore Lake at a glance
| Whitmore Lake | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $287,700 | $231,600 | $332,700 |
| Median property tax paid per year | $4,130 | $2,904 | $3,119 |
| Property tax as a share of value | 1.44% | 1.25% | 0.94% |
| Median household income | $86,779 | $72,875 | $80,734 |
| Homes lived in by their owners | 70% | 73% | 65% |
| Owner homes with a mortgage | 68% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,753 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 17.1% | 19.3% | 21.0% |
| Median rent | $1,329 | $1,129 | $1,413 |
| Rent as a share of renters' income | 27.1% | 30.2% | 30.6% |
| Median year homes were built | 1987 | 1972 | 1980 |
| Vacant homes | 4.8% | 11.8% | 10.1% |
| Population | 7,878 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Whitmore Lake
At this week's average 30-year rate of 7.11%, buying the median Whitmore Lake home of $287,700 with 20% down costs about $2,013 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,493, 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 $86,289 for the 20%-down payment. That payment is 28% of the median Whitmore Lake household income of $86,779; at that income and 20% down, the 28% guideline points to a home of about $289,000.
The median rent here is $1,329 a month, so owning the median home costs about $684 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $57,540 |
|---|---|
| Loan amount | $230,160 |
| Principal and interest | $1,548 |
| Property taxes (1.44% a year) | $345 |
| Homeowners insurance (our estimate, 0.5% a year) | $120 |
| PMI | $0 |
| Total per month | $2,013 |
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| Down payment | $10,070 |
|---|---|
| Loan amount | $282,489 |
| Principal and interest | $1,900 |
| Property taxes (1.44% a year) | $345 |
| Homeowners insurance (our estimate, 0.5% a year) | $120 |
| FHA mortgage insurance | $127 |
| Total per month | $2,493 |
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Questions about home buying in Whitmore Lake
What is the median home value in Whitmore Lake?
About $287,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Whitmore Lake?
Homeowners pay a median $4,130 a year, which is about 1.44% 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 Whitmore Lake?
For the median home with 20% down at 7.11%, the payment is about $2,013 a month. Keeping that under 28% of gross income takes about $86,289 a year.
More about Whitmore Lake
- Mortgage Refinance in Whitmore Lake
- Debt Relief in Whitmore Lake
- Home Equity Loans in Whitmore 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