Total monthly cost of ownership
Cost to Own a Home in Romulus, Michigan
A $149,000 home here costs
$1,437per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $766. The real number is $671 higher every month — 88% 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.
Romulus against Wayne County and Michigan
| Measure | Romulus | Wayne County |
|---|---|---|
| Median home value | $149,100 | $170,200 |
| Median property tax | $2,702 | $2,794 |
| Effective tax rate | 1.812% | 1.642% |
| Median gross rent | $1,050 | $1,087 |
| Population | 24,951 | 1,773,767 |
The weather behind that power bill
Romulus sits in Wayne County, which averages a high of 83.7°F in its hottest month and a low of 19.2°F in its coldest, with 34.32" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 847 cooling and 6,067 heating degree days, which is what sets the $198 electricity line above.
See the full climate breakdown for Wayne County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Wayne County
Common questions
How much does it cost to own a home in Romulus?
A $149,000 home in Romulus, Michigan costs approximately $1,437 per month with 20% down at 6.66%. That is $766 principal and interest, $225 property tax, $56 homeowners insurance, $266 utilities and $124 set aside for maintenance.
What is the property tax rate in Romulus?
Romulus has an effective property tax rate of 1.812%, based on a median home value of $149,100 and median real estate taxes of $2,702. That is higher than the Wayne County average of 1.642%.
What is the average home price in Romulus?
The median owner-occupied home value in Romulus, Michigan is $149,100, against $170,200 across Wayne County.
Is it cheaper to rent or buy in Romulus?
Median gross rent in Romulus is $1,050 a month, against $1,437 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 Romulus — 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.