Total monthly cost of ownership
Cost to Own a Home in Cadillac, Michigan
A $118,000 home here costs
$1,150per 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 $49,500 a year.
A standard mortgage calculator would have told you $643. The real number is $507 higher every month, 79% more than the payment most buyers budget for.
Compare Wexford County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Cadillac against Wexford County and Michigan
| Measure | Cadillac | Wexford County |
|---|---|---|
| Median home value | $117,500 | $160,300 |
| Median property tax | $1,843 | $1,868 |
| Effective tax rate | 1.569% | 1.165% |
| Median gross rent | $806 | $877 |
| Population | 10,404 | 33,868 |
The weather behind that power bill
Cadillac sits in Wexford County, which averages a high of 79.8°F in its hottest month and a low of 12.2°F in its coldest, with 35.16" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 401 cooling and 7,852 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Wexford County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wexford County
Full Wexford County cost breakdown · Every county in Michigan
Talk to someone who works this market
These are Cadillac 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 Cadillac every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Cadillac I already own here and may sell
Common questions
How much does it cost to own a home in Cadillac?
A $118,000 home in Cadillac, Michigan costs approximately $1,150 per month with 20% down at 7.24%. That is $643 principal and interest, $154 property tax, $44 homeowners insurance, $210 utilities and $98 set aside for maintenance.
What is the property tax rate in Cadillac?
Cadillac has an effective property tax rate of 1.569%, based on a median home value of $117,500 and median real estate taxes of $1,843. That is higher than the Wexford County average of 1.165%.
What is the average home price in Cadillac?
The median owner-occupied home value in Cadillac, Michigan is $117,500, against $160,300 across Wexford County.
Is it cheaper to rent or buy in Cadillac?
Median gross rent in Cadillac is $806 a month, against $1,150 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 Cadillac?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Cadillac, Michigan at today's rate takes a household income of roughly $49,500 a year. That covers the full $1,150 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Cadillac, 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.