Total monthly cost of ownership
Cost to Own a Home in Munising, Michigan
A $112,000 home here costs
$1,092per 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 $47,000 a year.
A standard mortgage calculator would have told you $611. The real number is $482 higher every month, 79% more than the payment most buyers budget for.
Compare Alger County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Munising from a five-year rolling sample, and with about 1,907 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Alger County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Munising against Alger County and Michigan
| Measure | Munising | Alger County |
|---|---|---|
| Median home value | $112,300 | $165,700 |
| Median property tax | $1,642 | $1,652 |
| Effective tax rate | 1.462% | 0.997% |
| Median gross rent | $718 | $712 |
| Population | 1,907 | 8,813 |
The weather behind that power bill
Munising sits in Alger County, which averages a high of 74.7°F in its hottest month and a low of 11.8°F in its coldest, with 31.7" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 219 cooling and 8,474 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Alger County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Alger County
No other places of this size are published in Alger County.
Talk to someone who works this market
These are Munising 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 Munising every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Munising I already own here and may sell
Common questions
How much does it cost to own a home in Munising?
A $112,000 home in Munising, Michigan costs approximately $1,092 per month with 20% down at 7.24%. That is $611 principal and interest, $136 property tax, $42 homeowners insurance, $210 utilities and $93 set aside for maintenance.
What is the property tax rate in Munising?
Munising has an effective property tax rate of 1.462%, based on a median home value of $112,300 and median real estate taxes of $1,642. That is higher than the Alger County average of 0.997%.
What is the average home price in Munising?
The median owner-occupied home value in Munising, Michigan is $112,300, against $165,700 across Alger County.
Is it cheaper to rent or buy in Munising?
Median gross rent in Munising is $718 a month, against $1,092 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 Munising?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Munising, Michigan at today's rate takes a household income of roughly $47,000 a year. That covers the full $1,092 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Munising, 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.