Total monthly cost of ownership
Cost to Own a Home in Manistee, Michigan
A $144,000 home here costs
$1,326per 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 $57,000 a year.
A standard mortgage calculator would have told you $785. The real number is $541 higher every month, 69% more than the payment most buyers budget for.
Compare Manistee 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.
Manistee against Manistee County and Michigan
| Measure | Manistee | Manistee County |
|---|---|---|
| Median home value | $144,400 | $166,600 |
| Median property tax | $1,890 | $1,814 |
| Effective tax rate | 1.309% | 1.089% |
| Median gross rent | $771 | $820 |
| Population | 6,275 | 25,247 |
The weather behind that power bill
Manistee sits in Manistee 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 Manistee County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Manistee County
No other places of this size are published in Manistee County.
Full Manistee County cost breakdown · Every county in Michigan
Talk to someone who works this market
These are Manistee 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 Manistee every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Manistee I already own here and may sell
Common questions
How much does it cost to own a home in Manistee?
A $144,000 home in Manistee, Michigan costs approximately $1,326 per month with 20% down at 7.24%. That is $785 principal and interest, $157 property tax, $54 homeowners insurance, $210 utilities and $120 set aside for maintenance.
What is the property tax rate in Manistee?
Manistee has an effective property tax rate of 1.309%, based on a median home value of $144,400 and median real estate taxes of $1,890. That is higher than the Manistee County average of 1.089%.
What is the average home price in Manistee?
The median owner-occupied home value in Manistee, Michigan is $144,400, against $166,600 across Manistee County.
Is it cheaper to rent or buy in Manistee?
Median gross rent in Manistee is $771 a month, against $1,326 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 Manistee?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Manistee, Michigan at today's rate takes a household income of roughly $57,000 a year. That covers the full $1,326 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Manistee, 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.