Total monthly cost of ownership
Cost to Own a Home in Bessemer, Michigan
A $76,000 home here costs
$838per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $36,000 a year.
A standard mortgage calculator would have told you $414. The real number is $423 higher every month, 102% more than the payment most buyers budget for.
Compare Gogebic County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Bessemer from a five-year rolling sample, and with about 1,778 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Gogebic County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Bessemer against Gogebic County and Michigan
| Measure | Bessemer | Gogebic County |
|---|---|---|
| Median home value | $76,100 | $99,700 |
| Median property tax | $1,461 | $1,488 |
| Effective tax rate | 1.920% | 1.492% |
| Median gross rent | $504 | $577 |
| Population | 1,778 | 14,348 |
The weather behind that power bill
Bessemer sits in Gogebic County, which averages a high of 77.5°F in its hottest month and a low of 2.3°F in its coldest, with 42.61" of precipitation a year and 28% of it in a single three-month stretch. That climate drives 209 cooling and 9,422 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Gogebic County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Gogebic County
Full Gogebic County cost breakdown · Every county in Michigan
Talk to someone who works this market
These are Bessemer averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Bessemer every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Bessemer I already own here and may sell
Common questions
How much does it cost to own a home in Bessemer?
A $76,000 home in Bessemer, Michigan costs approximately $838 per month with 20% down at 7.24%. That is $414 principal and interest, $122 property tax, $28 homeowners insurance, $210 utilities and $63 set aside for maintenance.
What is the property tax rate in Bessemer?
Bessemer has an effective property tax rate of 1.920%, based on a median home value of $76,100 and median real estate taxes of $1,461. That is higher than the Gogebic County average of 1.492%.
What is the average home price in Bessemer?
The median owner-occupied home value in Bessemer, Michigan is $76,100, against $99,700 across Gogebic County.
Is it cheaper to rent or buy in Bessemer?
Median gross rent in Bessemer is $504 a month, against $838 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Bessemer?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Bessemer, Michigan at today's rate takes a household income of roughly $36,000 a year. That covers the full $838 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Bessemer, 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.