Total monthly cost of ownership
Cost to Own a Home in Hancock, Michigan
A $186,000 home here costs
$1,676per 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 $72,000 a year.
A standard mortgage calculator would have told you $1,014. The real number is $662 higher every month, 65% more than the payment most buyers budget for.
Compare Houghton County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Hancock from a five-year rolling sample, and with about 4,510 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 Houghton 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.
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 $142 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
Talk to someone who works this market
These are Hancock 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 Hancock every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Hancock I already own here and may sell
Common questions
How much does it cost to own a home in Hancock?
A $186,000 home in Hancock, Michigan costs approximately $1,676 per month with 20% down at 7.24%. That is $1,014 principal and interest, $228 property tax, $69 homeowners insurance, $210 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 $1,676 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Hancock?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Hancock, Michigan at today's rate takes a household income of roughly $72,000 a year. That covers the full $1,676 monthly cost, not just the mortgage payment.
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.