Total monthly cost of ownership
Cost to Own a Home in Alma, Michigan
A $108,000 home here costs
$1,112per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $555. The real number is $557 higher every month — 100% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Alma against Gratiot County and Michigan
| Measure | Alma | Gratiot County |
|---|---|---|
| Median home value | $108,100 | $136,800 |
| Median property tax | $1,930 | $1,739 |
| Effective tax rate | 1.785% | 1.271% |
| Median gross rent | $791 | $808 |
| Population | 9,421 | 41,478 |
The weather behind that power bill
Alma sits in Gratiot County, which averages a high of 82.2°F in its hottest month and a low of 15.0°F in its coldest, with 34.5" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 544 cooling and 7,051 heating degree days, which is what sets the $198 electricity line above.
See the full climate breakdown for Gratiot County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Gratiot County
Full Gratiot County cost breakdown · Every county in Michigan
Common questions
How much does it cost to own a home in Alma?
A $108,000 home in Alma, Michigan costs approximately $1,112 per month with 20% down at 6.66%. That is $555 principal and interest, $161 property tax, $40 homeowners insurance, $266 utilities and $90 set aside for maintenance.
What is the property tax rate in Alma?
Alma has an effective property tax rate of 1.785%, based on a median home value of $108,100 and median real estate taxes of $1,930. That is higher than the Gratiot County average of 1.271%.
What is the average home price in Alma?
The median owner-occupied home value in Alma, Michigan is $108,100, against $136,800 across Gratiot County.
Is it cheaper to rent or buy in Alma?
Median gross rent in Alma is $791 a month, against $1,112 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Alma — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Michigan.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.