Total monthly cost of ownership
Cost to Own a Home in Dollar Bay, Michigan
A $196,000 home here costs
$1,654per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,008. The real number is $646 higher every month — 64% 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.
Dollar Bay against Houghton County and Michigan
| Measure | Dollar Bay | Houghton County |
|---|---|---|
| Median home value | $196,200 | $140,300 |
| Median property tax | $1,725 | $1,780 |
| Effective tax rate | 0.879% | 1.269% |
| Median gross rent | $800 | $767 |
| Population | 1,070 | 37,428 |
The weather behind that power bill
Dollar Bay sits in Houghton County, which averages a high of 74.8°F in its hottest month and a low of 6.7°F in its coldest, with 38.26" of precipitation a year and 32% of it in a single three-month stretch. That climate drives 187 cooling and 9,518 heating degree days, which is what sets the $198 electricity line above.
See the full climate breakdown for Houghton County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Houghton County
Full Houghton County cost breakdown · Every county in Michigan
Common questions
How much does it cost to own a home in Dollar Bay?
A $196,000 home in Dollar Bay, Michigan costs approximately $1,654 per month with 20% down at 6.66%. That is $1,008 principal and interest, $144 property tax, $73 homeowners insurance, $266 utilities and $163 set aside for maintenance.
What is the property tax rate in Dollar Bay?
Dollar Bay has an effective property tax rate of 0.879%, based on a median home value of $196,200 and median real estate taxes of $1,725. That is lower than the Houghton County average of 1.269%.
What is the average home price in Dollar Bay?
The median owner-occupied home value in Dollar Bay, Michigan is $196,200, against $140,300 across Houghton County.
Is it cheaper to rent or buy in Dollar Bay?
Median gross rent in Dollar Bay is $800 a month, against $1,654 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 Dollar Bay — 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.