Total monthly cost of ownership
Cost to Own a Home in Harbor Springs, Michigan
A $368,000 home here costs
$3,023per 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 $129,500 a year.
A standard mortgage calculator would have told you $2,006. The real number is $1,016 higher every month, 51% more than the payment most buyers budget for.
Compare Emmet County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Harbor Springs from a five-year rolling sample, and with about 1,015 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 Emmet 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.
Harbor Springs against Emmet County and Michigan
| Measure | Harbor Springs | Emmet County |
|---|---|---|
| Median home value | $368,100 | $275,300 |
| Median property tax | $4,348 | $2,492 |
| Effective tax rate | 1.181% | 0.905% |
| Median gross rent | $950 | $1,033 |
| Population | 1,015 | 34,159 |
The weather behind that power bill
Harbor Springs sits in Emmet County, which averages a high of 74.1°F in its hottest month and a low of 12.2°F in its coldest, with 33.2" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 218 cooling and 7,998 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Emmet County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Emmet County
Talk to someone who works this market
These are Harbor Springs 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 Harbor Springs every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Harbor Springs I already own here and may sell
Common questions
How much does it cost to own a home in Harbor Springs?
A $368,000 home in Harbor Springs, Michigan costs approximately $3,023 per month with 20% down at 7.24%. That is $2,006 principal and interest, $362 property tax, $137 homeowners insurance, $210 utilities and $307 set aside for maintenance.
What is the property tax rate in Harbor Springs?
Harbor Springs has an effective property tax rate of 1.181%, based on a median home value of $368,100 and median real estate taxes of $4,348. That is higher than the Emmet County average of 0.905%.
What is the average home price in Harbor Springs?
The median owner-occupied home value in Harbor Springs, Michigan is $368,100, against $275,300 across Emmet County.
Is it cheaper to rent or buy in Harbor Springs?
Median gross rent in Harbor Springs is $950 a month, against $3,023 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 Harbor Springs?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Harbor Springs, Michigan at today's rate takes a household income of roughly $129,500 a year. That covers the full $3,023 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Harbor Springs, 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.