Luce County, MI real estate

What the numbers say

Luce County, MI real estate at a glance

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

Homeowners in Luce County pay a median of $1,097 a year in property taxes on a median home value of $112,000, an effective rate of about 0.98%. The Michigan average is 1.25%, which makes Luce County the #22 lowest-tax of 83 counties in the state with published tax data.

Renters pay a median of $675 a month, and $750 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 $112,000 home here comes to about $749 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 $54,893).