Total monthly cost of ownership
Cost to Own a Home in Homer, Michigan
A $120,000 home here costs
$1,130per 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 $48,500 a year.
A standard mortgage calculator would have told you $654. The real number is $476 higher every month, 73% more than the payment most buyers budget for.
Compare Calhoun County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Homer from a five-year rolling sample, and with about 1,584 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 Calhoun 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.
Homer against Calhoun County and Michigan
| Measure | Homer | Calhoun County |
|---|---|---|
| Median home value | $119,600 | $151,500 |
| Median property tax | $1,447 | $2,269 |
| Effective tax rate | 1.210% | 1.498% |
| Median gross rent | $734 | $937 |
| Population | 1,584 | 133,846 |
The weather behind that power bill
Homer sits in Calhoun County, which averages a high of 83.0°F in its hottest month and a low of 17.3°F in its coldest, with 31.52" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 715 cooling and 6,409 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Calhoun County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Calhoun County
Full Calhoun County cost breakdown · Every county in Michigan
Talk to someone who works this market
These are Homer 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 Homer every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Homer?
A $120,000 home in Homer, Michigan costs approximately $1,130 per month with 20% down at 7.24%. That is $654 principal and interest, $121 property tax, $45 homeowners insurance, $210 utilities and $100 set aside for maintenance.
What is the property tax rate in Homer?
Homer has an effective property tax rate of 1.210%, based on a median home value of $119,600 and median real estate taxes of $1,447. That is lower than the Calhoun County average of 1.498%.
What is the average home price in Homer?
The median owner-occupied home value in Homer, Michigan is $119,600, against $151,500 across Calhoun County.
Is it cheaper to rent or buy in Homer?
Median gross rent in Homer is $734 a month, against $1,130 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 Homer?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Homer, Michigan at today's rate takes a household income of roughly $48,500 a year. That covers the full $1,130 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Homer, 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.