Total monthly cost of ownership
Cost to Own a Home in Okemos, Michigan
A $337,000 home here costs
$2,992per 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 $128,000 a year.
A standard mortgage calculator would have told you $1,837. The real number is $1,155 higher every month, 63% more than the payment most buyers budget for.
Compare Ingham 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.
Okemos against Ingham County and Michigan
| Measure | Okemos | Ingham County |
|---|---|---|
| Median home value | $336,800 | $187,500 |
| Median property tax | $6,452 | $3,488 |
| Effective tax rate | 1.916% | 1.860% |
| Median gross rent | $1,250 | $1,058 |
| Population | 25,503 | 282,015 |
The weather behind that power bill
Okemos sits in Ingham County, which averages a high of 83.0°F in its hottest month and a low of 17.5°F in its coldest, with 34.32" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 707 cooling and 6,411 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Ingham County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Ingham County
Full Ingham County cost breakdown · Every county in Michigan
Talk to someone who works this market
These are Okemos 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 Okemos every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Okemos I already own here and may sell
Common questions
How much does it cost to own a home in Okemos?
A $337,000 home in Okemos, Michigan costs approximately $2,992 per month with 20% down at 7.24%. That is $1,837 principal and interest, $538 property tax, $126 homeowners insurance, $210 utilities and $281 set aside for maintenance.
What is the property tax rate in Okemos?
Okemos has an effective property tax rate of 1.916%, based on a median home value of $336,800 and median real estate taxes of $6,452. That is higher than the Ingham County average of 1.860%.
What is the average home price in Okemos?
The median owner-occupied home value in Okemos, Michigan is $336,800, against $187,500 across Ingham County.
Is it cheaper to rent or buy in Okemos?
Median gross rent in Okemos is $1,250 a month, against $2,992 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 Okemos?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Okemos, Michigan at today's rate takes a household income of roughly $128,000 a year. That covers the full $2,992 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Okemos, 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.