Total monthly cost of ownership
Cost to Own a Home in Chums Corner, Michigan
A $279,000 home here costs
$2,272per 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 $97,500 a year.
A standard mortgage calculator would have told you $1,521. The real number is $751 higher every month, 49% more than the payment most buyers budget for.
Compare Grand Traverse County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Chums Corner from a five-year rolling sample, and with about 1,012 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 Grand Traverse 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.
Chums Corner against Grand Traverse County and Michigan
| Measure | Chums Corner | Grand Traverse County |
|---|---|---|
| Median home value | $279,200 | $296,200 |
| Median property tax | $2,452 | $2,900 |
| Effective tax rate | 0.878% | 0.979% |
| Median gross rent | — | $1,215 |
| Population | 1,012 | 95,757 |
The weather behind that power bill
Chums Corner sits in Grand Traverse County, which averages a high of 81.3°F in its hottest month and a low of 16.3°F in its coldest, with 29.12" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 534 cooling and 7,104 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Grand Traverse County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Grand Traverse County
Full Grand Traverse County cost breakdown · Every county in Michigan
Talk to someone who works this market
These are Chums Corner 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 Chums Corner every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Chums Corner I already own here and may sell
Common questions
How much does it cost to own a home in Chums Corner?
A $279,000 home in Chums Corner, Michigan costs approximately $2,272 per month with 20% down at 7.24%. That is $1,521 principal and interest, $204 property tax, $104 homeowners insurance, $210 utilities and $233 set aside for maintenance.
What is the property tax rate in Chums Corner?
Chums Corner has an effective property tax rate of 0.878%, based on a median home value of $279,200 and median real estate taxes of $2,452. That is lower than the Grand Traverse County average of 0.979%.
What is the average home price in Chums Corner?
The median owner-occupied home value in Chums Corner, Michigan is $279,200, against $296,200 across Grand Traverse County.
Is it cheaper to rent or buy in Chums Corner?
Rent data is not published for Chums Corner at this level of detail.
What salary do you need to buy a home in Chums Corner?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Chums Corner, Michigan at today's rate takes a household income of roughly $97,500 a year. That covers the full $2,272 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Chums Corner, 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.