Total monthly cost of ownership
Cost to Own a Home in Ludington, Michigan
A $193,000 home here costs
$1,696per 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 $72,500 a year.
A standard mortgage calculator would have told you $1,052. The real number is $644 higher every month, 61% more than the payment most buyers budget for.
Compare Mason County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Ludington against Mason County and Michigan
| Measure | Ludington | Mason County |
|---|---|---|
| Median home value | $192,800 | $199,300 |
| Median property tax | $2,411 | $2,203 |
| Effective tax rate | 1.251% | 1.105% |
| Median gross rent | $824 | $840 |
| Population | 7,664 | 29,177 |
The weather behind that power bill
Ludington sits in Mason County, which averages a high of 79.7°F in its hottest month and a low of 18.6°F in its coldest, with 36.34" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 493 cooling and 6,848 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Mason County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Mason County
Talk to someone who works this market
These are Ludington 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 Ludington every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Ludington I already own here and may sell
Common questions
How much does it cost to own a home in Ludington?
A $193,000 home in Ludington, Michigan costs approximately $1,696 per month with 20% down at 7.24%. That is $1,052 principal and interest, $201 property tax, $72 homeowners insurance, $210 utilities and $161 set aside for maintenance.
What is the property tax rate in Ludington?
Ludington has an effective property tax rate of 1.251%, based on a median home value of $192,800 and median real estate taxes of $2,411. That is higher than the Mason County average of 1.105%.
What is the average home price in Ludington?
The median owner-occupied home value in Ludington, Michigan is $192,800, against $199,300 across Mason County.
Is it cheaper to rent or buy in Ludington?
Median gross rent in Ludington is $824 a month, against $1,696 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 Ludington?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Ludington, Michigan at today's rate takes a household income of roughly $72,500 a year. That covers the full $1,696 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Ludington, 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.