Total monthly cost of ownership
Cost to Own a Home in Traverse City, Michigan
A $368,000 home here costs
$2,975per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,892. The real number is $1,083 higher every month — 57% 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.
Traverse City against Grand Traverse County and Michigan
| Measure | Traverse City | Grand Traverse County |
|---|---|---|
| Median home value | $367,600 | $296,200 |
| Median property tax | $4,477 | $2,900 |
| Effective tax rate | 1.218% | 0.979% |
| Median gross rent | $983 | $1,215 |
| Population | 15,491 | 95,757 |
Traverse City extends across 2 counties. Figures here use Grand Traverse County, where most of its housing sits.
The weather behind that power bill
Traverse City sits in Grand Traverse County, which averages a high of 81.3°F in its hottest month and a low of 16.3°F in its coldest, with 29.12" of precipitation a year and 34% of it in a single three-month stretch. That climate drives 534 cooling and 7,104 heating degree days, which is what sets the $198 electricity line above.
See the full climate breakdown for Grand Traverse County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Grand Traverse County
Full Grand Traverse County cost breakdown · Every county in Michigan
Common questions
How much does it cost to own a home in Traverse City?
A $368,000 home in Traverse City, Michigan costs approximately $2,975 per month with 20% down at 6.66%. That is $1,892 principal and interest, $374 property tax, $137 homeowners insurance, $266 utilities and $307 set aside for maintenance.
What is the property tax rate in Traverse City?
Traverse City has an effective property tax rate of 1.218%, based on a median home value of $367,600 and median real estate taxes of $4,477. That is higher than the Grand Traverse County average of 0.979%.
What is the average home price in Traverse City?
The median owner-occupied home value in Traverse City, Michigan is $367,600, against $296,200 across Grand Traverse County.
Is it cheaper to rent or buy in Traverse City?
Median gross rent in Traverse City is $983 a month, against $2,975 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 Traverse City — 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.