Total monthly cost of ownership
Cost to Own a Home in Cheboygan, Michigan
A $119,000 home here costs
$1,175per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $612. The real number is $563 higher every month — 92% 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.
Cheboygan against Cheboygan County and Michigan
| Measure | Cheboygan | Cheboygan County |
|---|---|---|
| Median home value | $118,700 | $175,200 |
| Median property tax | $1,843 | $1,625 |
| Effective tax rate | 1.553% | 0.928% |
| Median gross rent | $733 | $822 |
| Population | 4,801 | 25,778 |
The weather behind that power bill
Cheboygan sits in Cheboygan County, which averages a high of 79.3°F in its hottest month and a low of 7.3°F in its coldest, with 30.01" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 254 cooling and 8,391 heating degree days, which is what sets the $198 electricity line above.
See the full climate breakdown for Cheboygan County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cheboygan County
Full Cheboygan County cost breakdown · Every county in Michigan
Common questions
How much does it cost to own a home in Cheboygan?
A $119,000 home in Cheboygan, Michigan costs approximately $1,175 per month with 20% down at 6.66%. That is $612 principal and interest, $154 property tax, $44 homeowners insurance, $266 utilities and $99 set aside for maintenance.
What is the property tax rate in Cheboygan?
Cheboygan has an effective property tax rate of 1.553%, based on a median home value of $118,700 and median real estate taxes of $1,843. That is higher than the Cheboygan County average of 0.928%.
What is the average home price in Cheboygan?
The median owner-occupied home value in Cheboygan, Michigan is $118,700, against $175,200 across Cheboygan County.
Is it cheaper to rent or buy in Cheboygan?
Median gross rent in Cheboygan is $733 a month, against $1,175 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 Cheboygan — 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.