Total monthly cost of ownership
Cost to Own a Home in Memphis, Michigan
A $190,000 home here costs
$1,714per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $977. The real number is $738 higher every month — 76% 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.
Memphis against Macomb County and Michigan
| Measure | Memphis | Macomb County |
|---|---|---|
| Median home value | $190,400 | $231,400 |
| Median property tax | $2,915 | $3,293 |
| Effective tax rate | 1.531% | 1.423% |
| Median gross rent | $832 | $1,175 |
| Population | 1,107 | 877,624 |
Memphis extends across 2 counties. Figures here use Macomb County, where most of its housing sits.
The weather behind that power bill
Memphis sits in Macomb County, which averages a high of 82.2°F in its hottest month and a low of 17.9°F in its coldest, with 34.96" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 633 cooling and 6,550 heating degree days, which is what sets the $198 electricity line above.
See the full climate breakdown for Macomb County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Macomb County
Full Macomb County cost breakdown · Every county in Michigan
Common questions
How much does it cost to own a home in Memphis?
A $190,000 home in Memphis, Michigan costs approximately $1,714 per month with 20% down at 6.66%. That is $977 principal and interest, $242 property tax, $71 homeowners insurance, $266 utilities and $158 set aside for maintenance.
What is the property tax rate in Memphis?
Memphis has an effective property tax rate of 1.531%, based on a median home value of $190,400 and median real estate taxes of $2,915. That is higher than the Macomb County average of 1.423%.
What is the average home price in Memphis?
The median owner-occupied home value in Memphis, Michigan is $190,400, against $231,400 across Macomb County.
Is it cheaper to rent or buy in Memphis?
Median gross rent in Memphis is $832 a month, against $1,714 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 Memphis — 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.