Total monthly cost of ownership
Cost to Own a Home in Sault Ste. Marie, Michigan
A $127,000 home here costs
$1,257per 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 $54,000 a year.
A standard mortgage calculator would have told you $692. The real number is $564 higher every month, 81% more than the payment most buyers budget for.
Compare Chippewa 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.
Sault Ste. Marie against Chippewa County and Michigan
| Measure | Sault Ste. Marie | Chippewa County |
|---|---|---|
| Median home value | $127,300 | $153,100 |
| Median property tax | $2,417 | $1,972 |
| Effective tax rate | 1.899% | 1.288% |
| Median gross rent | $787 | $793 |
| Population | 13,373 | 36,448 |
The weather behind that power bill
Sault Ste. Marie sits in Chippewa County, which averages a high of 78.6°F in its hottest month and a low of 8.2°F in its coldest, with 35.55" of precipitation a year and 33% of it in a single three-month stretch. That climate drives 231 cooling and 8,372 heating degree days, which is what sets the $142 electricity line above.
See the full climate breakdown for Chippewa County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Chippewa County
Full Chippewa County cost breakdown · Every county in Michigan
Talk to someone who works this market
These are Sault Ste. Marie 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 Sault Ste. Marie every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Sault Ste. Marie I already own here and may sell
Common questions
How much does it cost to own a home in Sault Ste. Marie?
A $127,000 home in Sault Ste. Marie, Michigan costs approximately $1,257 per month with 20% down at 7.24%. That is $692 principal and interest, $201 property tax, $47 homeowners insurance, $210 utilities and $106 set aside for maintenance.
What is the property tax rate in Sault Ste. Marie?
Sault Ste. Marie has an effective property tax rate of 1.899%, based on a median home value of $127,300 and median real estate taxes of $2,417. That is higher than the Chippewa County average of 1.288%.
What is the average home price in Sault Ste. Marie?
The median owner-occupied home value in Sault Ste. Marie, Michigan is $127,300, against $153,100 across Chippewa County.
Is it cheaper to rent or buy in Sault Ste. Marie?
Median gross rent in Sault Ste. Marie is $787 a month, against $1,257 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 Sault Ste. Marie?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Sault Ste. Marie, Michigan at today's rate takes a household income of roughly $54,000 a year. That covers the full $1,257 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Sault Ste. Marie, 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.