Income needed to buy a home
Bay County, MI
$66,156
a year in household income to buy the typical Bay County home with 10% down.
The monthly math
Typical home value$188,388
Down payment (10%)$18,839
Loan$169,549
Principal and interest (7.40%)$1,174/mo
Property tax (1.3% a year)$205/mo
Homeowners insurance (estimate)$94/mo
Mortgage insurance$71/mo
Total monthly cost$1,544/mo
Income needed keeps housing at 28% of gross income, the lender rule of thumb.
What locals earn
Right at the edge
The typical household here earns $61,763 a year, 93% of what it takes.
In Michigan
Bay County ranks #23 of 83 for the income a home takes, from least to most.
Easiest to afford in Michigan
| County | Typical home | Income needed |
|---|---|---|
| Luce County | $131,256 | $43,599 |
| Gogebic County | $134,710 | $46,907 |
| Ontonagon County | $136,632 | $47,117 |
| Oscoda County | $146,367 | $48,681 |
| Iron County | $154,720 | $52,907 |
Typical home value from the Zillow Home Value Index, August 2026. Rate is the Freddie Mac 30-year average for Oct 8, 2026. Property tax rate is total taxes paid divided by total home value in the county (U.S. Census, ACS 2020-2024). How it works.