Gogebic County, MI real estate

What the numbers say

Gogebic County, MI real estate at a glance

By AstroCore · Realtor.com, US Census and Freddie Mac data

Homeowners in Gogebic County pay a median of $1,535 a year in property taxes on a median home value of $107,200, an effective rate of about 1.43%. The Michigan average is 1.25%, which makes Gogebic County the #75 lowest-tax of 83 counties in the state with published tax data.

Renters pay a median of $623 a month, and $664 for a two-bedroom. At today's prices a typical home costs about 14 times a year's rent, which generally favors buying.

With 20% down and today's 7.24% average 30-year rate, the monthly payment on a $107,000 home here comes to about $757 including property tax and insurance. Lenders typically want that to be under 28% of income, which works out to roughly $32,000 a year (the median household here earns $52,732).