Total monthly cost of ownership
Cost to Own a Home in Madison Heights, Michigan
A $190,000 home here costs
$1,727per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $74,000 a year.
A standard mortgage calculator would have told you $1,052. The real number is $675 higher every month, 64% more than the payment most buyers budget for.
Compare Oakland 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.
Madison Heights against Oakland County and Michigan
| Measure | Madison Heights | Oakland County |
|---|---|---|
| Median home value | $190,300 | $320,400 |
| Median property tax | $2,825 | $4,241 |
| Effective tax rate | 1.484% | 1.324% |
| Median gross rent | $1,138 | $1,319 |
| Population | 28,411 | 1,272,294 |
The weather behind that power bill
Madison Heights sits in Oakland County, which averages a high of 82.2°F in its hottest month and a low of 16.5°F in its coldest, with 29.16" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 658 cooling and 6,679 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Oakland County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Oakland County
Full Oakland County cost breakdown · Every county in Michigan
Talk to someone who works this market
These are Madison Heights 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 Madison Heights every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Madison Heights I already own here and may sell
Common questions
How much does it cost to own a home in Madison Heights?
A $190,000 home in Madison Heights, Michigan costs approximately $1,727 per month with 20% down at 7.4%. That is $1,052 principal and interest, $235 property tax, $71 homeowners insurance, $210 utilities and $158 set aside for maintenance.
What is the property tax rate in Madison Heights?
Madison Heights has an effective property tax rate of 1.484%, based on a median home value of $190,300 and median real estate taxes of $2,825. That is higher than the Oakland County average of 1.324%.
What is the average home price in Madison Heights?
The median owner-occupied home value in Madison Heights, Michigan is $190,300, against $320,400 across Oakland County.
Is it cheaper to rent or buy in Madison Heights?
Median gross rent in Madison Heights is $1,138 a month, against $1,727 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 Madison Heights?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Madison Heights, Michigan at today's rate takes a household income of roughly $74,000 a year. That covers the full $1,727 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Madison Heights, 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.