Detroit, MI variant. This is a Detroit, MI-specific version of the Mortgage Calculator, using pre-defined local figures (tax rates, median home and income values, and typical regional costs). For the full formula, methodology, and FAQ, open the main Mortgage Calculator.
Detroit's $80,000 median home and 1.94% property tax make for a distinctive mortgage payment. High-cost metros front-load the principal-and-interest portion.
Mortgage payment in Detroit
On the $80,000 median home with 20% down ($16,000), you'd finance $64,000. At 6.5% over 30 years, P&I ≈ $405/month.
Add Detroit's 1.94% property tax (≈ $129/month) plus insurance for the all-in payment.
About Detroit, MI
Detroit imposes a city income tax on residents and on people who work in the city, in addition to Michigan state income tax.
Detroit has some of the most affordable home prices among major US cities, reflecting decades of population decline and ongoing revitalization.
Detroit's economy remains closely tied to the automotive industry, with growing diversification into technology and services.
Worked example: $80,000 Detroit home
Loan $64,000 at 6.5% for 30 years → $405/mo P&I. Property tax ≈ $129/mo. Total before insurance ≈ $534/mo.
Quick reference
- Median home value: $80,000
- Median rent: $1,100/mo
- Median household income: $39,575
- Local sales tax: 6%
- City income tax: 2.4%
- Effective property tax rate: 1.94%
- Cost of living index: 80 (US avg = 100)
Frequently Asked Questions
How much is a mortgage in Detroit?
About $405/month P&I on the $80,000 median home with 20% down at 6.5%.
What is the property tax rate in Detroit?
About 1.94% of home value per year.