Total monthly cost of ownership
Cost to Own a Home in Ontonagon, Michigan
A $92,000 home here costs
$922per 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 $39,500 a year.
A standard mortgage calculator would have told you $502. The real number is $421 higher every month, 84% more than the payment most buyers budget for.
Compare Ontonagon County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Ontonagon from a five-year rolling sample, and with about 1,266 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 Ontonagon 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.
Ontonagon against Ontonagon County and Michigan
| Measure | Ontonagon | Ontonagon County |
|---|---|---|
| Median home value | $92,100 | $101,000 |
| Median property tax | $1,196 | $1,244 |
| Effective tax rate | 1.299% | 1.232% |
| Median gross rent | $557 | $571 |
| Population | 1,266 | 5,870 |
The weather behind that power bill
Ontonagon sits in Ontonagon County, which averages a high of 79.2°F in its hottest month and a low of 8.6°F in its coldest, with 32.91" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 354 cooling and 8,229 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Ontonagon County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Ontonagon County
No other places of this size are published in Ontonagon County.
Full Ontonagon County cost breakdown · Every county in Michigan
Talk to someone who works this market
These are Ontonagon 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 Ontonagon every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Ontonagon I already own here and may sell
Common questions
How much does it cost to own a home in Ontonagon?
A $92,000 home in Ontonagon, Michigan costs approximately $922 per month with 20% down at 7.24%. That is $502 principal and interest, $100 property tax, $34 homeowners insurance, $210 utilities and $77 set aside for maintenance.
What is the property tax rate in Ontonagon?
Ontonagon has an effective property tax rate of 1.299%, based on a median home value of $92,100 and median real estate taxes of $1,196. That is higher than the Ontonagon County average of 1.232%.
What is the average home price in Ontonagon?
The median owner-occupied home value in Ontonagon, Michigan is $92,100, against $101,000 across Ontonagon County.
Is it cheaper to rent or buy in Ontonagon?
Median gross rent in Ontonagon is $557 a month, against $922 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 Ontonagon?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Ontonagon, Michigan at today's rate takes a household income of roughly $39,500 a year. That covers the full $922 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Ontonagon, 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.