Income needed to buy a home
Otsego County, MI
$85,324
a year in household income to buy the typical Otsego County home with 10% down.
The monthly math
Typical home value$257,009
Down payment (10%)$25,701
Loan$231,308
Principal and interest (7.40%)$1,602/mo
Property tax (0.77% a year)$164/mo
Homeowners insurance (estimate)$129/mo
Mortgage insurance$96/mo
Total monthly cost$1,991/mo
Income needed keeps housing at 28% of gross income, the lender rule of thumb.
What locals earn
A stretch
The typical household here earns $68,183 a year, 80% of what it takes.
In Michigan
Otsego County ranks #53 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.