Total monthly cost of ownership
Cost to Own a Home in Hamtramck, Michigan
A $116,000 home here costs
$1,144per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $596. The real number is $548 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.
Hamtramck against Wayne County and Michigan
| Measure | Hamtramck | Wayne County |
|---|---|---|
| Median home value | $116,400 | $170,200 |
| Median property tax | $1,707 | $2,794 |
| Effective tax rate | 1.466% | 1.642% |
| Median gross rent | $907 | $1,087 |
| Population | 27,830 | 1,773,767 |
The weather behind that power bill
Hamtramck sits in Wayne County, which averages a high of 83.7°F in its hottest month and a low of 19.2°F in its coldest, with 34.32" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 847 cooling and 6,067 heating degree days, which is what sets the $198 electricity line above.
See the full climate breakdown for Wayne County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wayne County
Common questions
How much does it cost to own a home in Hamtramck?
A $116,000 home in Hamtramck, Michigan costs approximately $1,144 per month with 20% down at 6.66%. That is $596 principal and interest, $142 property tax, $43 homeowners insurance, $266 utilities and $97 set aside for maintenance.
What is the property tax rate in Hamtramck?
Hamtramck has an effective property tax rate of 1.466%, based on a median home value of $116,400 and median real estate taxes of $1,707. That is lower than the Wayne County average of 1.642%.
What is the average home price in Hamtramck?
The median owner-occupied home value in Hamtramck, Michigan is $116,400, against $170,200 across Wayne County.
Is it cheaper to rent or buy in Hamtramck?
Median gross rent in Hamtramck is $907 a month, against $1,144 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 Hamtramck — 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.