Total monthly cost of ownership
Cost to Own a Home in Ludington, Michigan
A $193,000 home here costs
$1,692per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $992. The real number is $700 higher every month — 71% 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.
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 $198 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
Common questions
How much does it cost to own a home in Ludington?
A $193,000 home in Ludington, Michigan costs approximately $1,692 per month with 20% down at 6.66%. That is $992 principal and interest, $201 property tax, $72 homeowners insurance, $266 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 $1,692 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 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.