Michigan remains one of the most affordable states for first-time homebuyers in 2024, with an average starter home price of $150,790. To afford this price at a 7% mortgage rate and 10% down payment, buyers need an income of only $36,116, significantly less than the national average. Despite a 33% increase in starter home prices over the past five years, the rate of monthly payment growth is at 87%, which is still more manageable than in many states. Key cities like Grand Rapids, Kalamazoo, and Flint offer varied options for budget-conscious buyers.
To afford that today at a 7% mortgage rate with 10% down, a buyer needs an income of only $36,116. That's nearly half the national average required salary of $70,000.
While Michigan's starter home prices have increased by 33% over the past five years, monthly payments have surged by 87%-a smaller jump than in most states.
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