Total monthly cost of ownership
Cost to Own a Home in Laurium, Michigan
A $88,000 home here costs
$934per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $452. The real number is $482 higher every month — 107% 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.
Laurium against Houghton County and Michigan
| Measure | Laurium | Houghton County |
|---|---|---|
| Median home value | $87,600 | $140,300 |
| Median property tax | $1,311 | $1,780 |
| Effective tax rate | 1.497% | 1.269% |
| Median gross rent | $590 | $767 |
| Population | 1,486 | 37,428 |
The weather behind that power bill
Laurium 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 Laurium?
A $88,000 home in Laurium, Michigan costs approximately $934 per month with 20% down at 6.66%. That is $452 principal and interest, $110 property tax, $33 homeowners insurance, $266 utilities and $73 set aside for maintenance.
What is the property tax rate in Laurium?
Laurium has an effective property tax rate of 1.497%, based on a median home value of $87,600 and median real estate taxes of $1,311. That is higher than the Houghton County average of 1.269%.
What is the average home price in Laurium?
The median owner-occupied home value in Laurium, Michigan is $87,600, against $140,300 across Houghton County.
Is it cheaper to rent or buy in Laurium?
Median gross rent in Laurium is $590 a month, against $934 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 Laurium — 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.