Total monthly cost of ownership
Cost to Own a Home in Cadillac, Michigan
A $118,000 home here costs
$1,169per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $607. The real number is $563 higher every month — 93% 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.
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 $198 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
Common questions
How much does it cost to own a home in Cadillac?
A $118,000 home in Cadillac, Michigan costs approximately $1,169 per month with 20% down at 6.66%. That is $607 principal and interest, $154 property tax, $44 homeowners insurance, $266 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 $1,169 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 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.