Total monthly cost of ownership
Cost to Own a Home in Hancock, Michigan
A $186,000 home here costs
$1,674per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $956. The real number is $718 higher every month — 75% 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.
Hancock against Houghton County and Michigan
| Measure | Hancock | Houghton County |
|---|---|---|
| Median home value | $185,700 | $140,300 |
| Median property tax | $2,728 | $1,780 |
| Effective tax rate | 1.469% | 1.269% |
| Median gross rent | $740 | $767 |
| Population | 4,510 | 37,428 |
The weather behind that power bill
Hancock 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 Hancock?
A $186,000 home in Hancock, Michigan costs approximately $1,674 per month with 20% down at 6.66%. That is $956 principal and interest, $228 property tax, $69 homeowners insurance, $266 utilities and $155 set aside for maintenance.
What is the property tax rate in Hancock?
Hancock has an effective property tax rate of 1.469%, based on a median home value of $185,700 and median real estate taxes of $2,728. That is higher than the Houghton County average of 1.269%.
What is the average home price in Hancock?
The median owner-occupied home value in Hancock, Michigan is $185,700, against $140,300 across Houghton County.
Is it cheaper to rent or buy in Hancock?
Median gross rent in Hancock is $740 a month, against $1,674 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 Hancock — 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.