Total monthly cost of ownership
Cost to Own a Home in Ferndale, Michigan
A $234,000 home here costs
$2,066per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,203. The real number is $863 higher every month — 72% 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.
Ferndale against Oakland County and Michigan
| Measure | Ferndale | Oakland County |
|---|---|---|
| Median home value | $233,600 | $320,400 |
| Median property tax | $3,768 | $4,241 |
| Effective tax rate | 1.613% | 1.324% |
| Median gross rent | $1,235 | $1,319 |
| Population | 19,156 | 1,272,294 |
The weather behind that power bill
Ferndale sits in Oakland County, which averages a high of 82.2°F in its hottest month and a low of 16.5°F in its coldest, with 29.16" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 658 cooling and 6,679 heating degree days, which is what sets the $198 electricity line above.
See the full climate breakdown for Oakland County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Oakland County
Full Oakland County cost breakdown · Every county in Michigan
Common questions
How much does it cost to own a home in Ferndale?
A $234,000 home in Ferndale, Michigan costs approximately $2,066 per month with 20% down at 6.66%. That is $1,203 principal and interest, $315 property tax, $87 homeowners insurance, $266 utilities and $195 set aside for maintenance.
What is the property tax rate in Ferndale?
Ferndale has an effective property tax rate of 1.613%, based on a median home value of $233,600 and median real estate taxes of $3,768. That is higher than the Oakland County average of 1.324%.
What is the average home price in Ferndale?
The median owner-occupied home value in Ferndale, Michigan is $233,600, against $320,400 across Oakland County.
Is it cheaper to rent or buy in Ferndale?
Median gross rent in Ferndale is $1,235 a month, against $2,066 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 Ferndale — 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.