Total monthly cost of ownership
Cost to Own a Home in Owosso, Michigan
A $122,000 home here costs
$1,224per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $627. The real number is $597 higher every month — 95% 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.
Owosso against Shiawassee County and Michigan
| Measure | Owosso | Shiawassee County |
|---|---|---|
| Median home value | $121,500 | $164,600 |
| Median property tax | $2,198 | $2,214 |
| Effective tax rate | 1.809% | 1.345% |
| Median gross rent | $831 | $876 |
| Population | 14,658 | 68,061 |
The weather behind that power bill
Owosso sits in Shiawassee County, which averages a high of 81.9°F in its hottest month and a low of 15.7°F in its coldest, with 34.47" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 578 cooling and 6,868 heating degree days, which is what sets the $198 electricity line above.
See the full climate breakdown for Shiawassee County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Shiawassee County
Full Shiawassee County cost breakdown · Every county in Michigan
Common questions
How much does it cost to own a home in Owosso?
A $122,000 home in Owosso, Michigan costs approximately $1,224 per month with 20% down at 6.66%. That is $627 principal and interest, $184 property tax, $46 homeowners insurance, $266 utilities and $102 set aside for maintenance.
What is the property tax rate in Owosso?
Owosso has an effective property tax rate of 1.809%, based on a median home value of $121,500 and median real estate taxes of $2,198. That is higher than the Shiawassee County average of 1.345%.
What is the average home price in Owosso?
The median owner-occupied home value in Owosso, Michigan is $121,500, against $164,600 across Shiawassee County.
Is it cheaper to rent or buy in Owosso?
Median gross rent in Owosso is $831 a month, against $1,224 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 Owosso — 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.