The real estate market is booming right now thanks to low interest rates, a flood of millennial buyers, and shrinking inventory. The median cost of a home has increased 20% year over year, hitting $347,500, according to a report released in April 2020 by real estate listing website Redfin. These high asking costs—while good for sellers—are pricing many buyers out of the market entirely.
But all things are not equal when it comes to real estate in the United States.
Credible used 2021 data calculated by the National Association of REALTORS to compile a list of counties with the lowest median home values and monthly mortgage payments in Michigan. Counties were ranked by the monthly mortgage payment for a typical home in 2020, from lowest to highest. Ties were broken by median home values in 2020.
The National Association of REALTORS calculated the fourth quarter 2020 median home values by applying the Federal Housing Finance Agency's House Price Index growth to 2019 housing and population data from the American Community Survey and determining an estimate of 2020 median home values for all counties where data is available. The monthly mortgage payments for fourth quarter 2019 and fourth quarter 2020 were calculated for a 30-year fixed-rate mortgage with a 10% down payment.
Keep reading to discover which county in Michigan has the lowest home prices.
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#30. Alcona County
- Monthly mortgage payment in 2020: $439 (0.9% less than 2019)
- Monthly mortgage payment in 2019: $443
- Median home value in 2020: $118,500
- Ranked #1,160 out of 3,120 counties nationwide
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#29. Sanilac County
- Monthly mortgage payment in 2020: $436 (7.6% less than 2019)
- Monthly mortgage payment in 2019: $472
- Median home value in 2020: $117,600
- Ranked #1,136 out of 3,120 counties nationwide
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#28. Gladwin County
- Monthly mortgage payment in 2020: $431 (7.1% less than 2019)
- Monthly mortgage payment in 2019: $464
- Median home value in 2020: $116,400
- Ranked #1,112 out of 3,120 counties nationwide
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#27. Schoolcraft County
- Monthly mortgage payment in 2020: $430 (11.3% less than 2019)
- Monthly mortgage payment in 2019: $485
- Median home value in 2020: $116,300
- Ranked #1,110 out of 3,120 counties nationwide
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#26. Branch County
- Monthly mortgage payment in 2020: $430 (6.9% less than 2019)
- Monthly mortgage payment in 2019: $462
- Median home value in 2020: $116,200
- Ranked #1,109 out of 3,120 counties nationwide
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#25. Saginaw County
- Monthly mortgage payment in 2020: $427 (9.1% less than 2019)
- Monthly mortgage payment in 2019: $470
- Median home value in 2020: $115,300
- Ranked #1,088 out of 3,120 counties nationwide
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#24. Houghton County
- Monthly mortgage payment in 2020: $426 (10.1% less than 2019)
- Monthly mortgage payment in 2019: $474
- Median home value in 2020: $115,000
- Ranked #1,084 out of 3,120 counties nationwide
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#23. Wexford County
- Monthly mortgage payment in 2020: $424 (4.7% less than 2019)
- Monthly mortgage payment in 2019: $445
- Median home value in 2020: $114,600
- Ranked #1,073 out of 3,120 counties nationwide
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#22. Roscommon County
- Monthly mortgage payment in 2020: $424 (7.0% less than 2019)
- Monthly mortgage payment in 2019: $456
- Median home value in 2020: $114,500
- Ranked #1,070 out of 3,120 counties nationwide
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#21. Presque Isle County
- Monthly mortgage payment in 2020: $413 (9.0% less than 2019)
- Monthly mortgage payment in 2019: $454
- Median home value in 2020: $111,500
- Ranked #1,005 out of 3,120 counties nationwide
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#20. Crawford County
- Monthly mortgage payment in 2020: $411 (8.7% less than 2019)
- Monthly mortgage payment in 2019: $450
- Median home value in 2020: $111,100
- Ranked #992 out of 3,120 counties nationwide
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#19. Tuscola County
- Monthly mortgage payment in 2020: $407 (9.4% less than 2019)
- Monthly mortgage payment in 2019: $449
- Median home value in 2020: $110,000
- Ranked #969 out of 3,120 counties nationwide
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#18. Huron County
- Monthly mortgage payment in 2020: $407 (5.8% less than 2019)
- Monthly mortgage payment in 2019: $432
- Median home value in 2020: $109,900
- Ranked #964 out of 3,120 counties nationwide
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#17. Montmorency County
- Monthly mortgage payment in 2020: $402 (9.5% less than 2019)
- Monthly mortgage payment in 2019: $444
- Median home value in 2020: $108,600
- Ranked #930 out of 3,120 counties nationwide
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#16. Baraga County
- Monthly mortgage payment in 2020: $400 (12.3% less than 2019)
- Monthly mortgage payment in 2019: $456
- Median home value in 2020: $108,100
- Ranked #916 out of 3,120 counties nationwide
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#15. Dickinson County
- Monthly mortgage payment in 2020: $399 (9.7% less than 2019)
- Monthly mortgage payment in 2019: $442
- Median home value in 2020: $107,700
- Ranked #901 out of 3,120 counties nationwide
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#14. Menominee County
- Monthly mortgage payment in 2020: $398 (6.4% less than 2019)
- Monthly mortgage payment in 2019: $425
- Median home value in 2020: $107,500
- Ranked #898 out of 3,120 counties nationwide
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#13. Osceola County
- Monthly mortgage payment in 2020: $386 (7.0% less than 2019)
- Monthly mortgage payment in 2019: $415
- Median home value in 2020: $104,200
- Ranked #808 out of 3,120 counties nationwide
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#12. Ogemaw County
- Monthly mortgage payment in 2020: $385 (7.0% less than 2019)
- Monthly mortgage payment in 2019: $414
- Median home value in 2020: $103,900
- Ranked #799 out of 3,120 counties nationwide
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#11. Alpena County
- Monthly mortgage payment in 2020: $378 (10.8% less than 2019)
- Monthly mortgage payment in 2019: $424
- Median home value in 2020: $102,100
- Ranked #752 out of 3,120 counties nationwide
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#10. Gratiot County
- Monthly mortgage payment in 2020: $374 (10.5% less than 2019)
- Monthly mortgage payment in 2019: $418
- Median home value in 2020: $100,900
- Ranked #728 out of 3,120 counties nationwide
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#9. Arenac County
- Monthly mortgage payment in 2020: $370 (7.3% less than 2019)
- Monthly mortgage payment in 2019: $399
- Median home value in 2020: $99,900
- Ranked #702 out of 3,120 counties nationwide
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#8. Iosco County
- Monthly mortgage payment in 2020: $363 (10.1% less than 2019)
- Monthly mortgage payment in 2019: $404
- Median home value in 2020: $98,000
- Ranked #659 out of 3,120 counties nationwide
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#7. Clare County
- Monthly mortgage payment in 2020: $357 (8.9% less than 2019)
- Monthly mortgage payment in 2019: $392
- Median home value in 2020: $96,400
- Ranked #624 out of 3,120 counties nationwide
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#6. Oscoda County
- Monthly mortgage payment in 2020: $354 (8.1% less than 2019)
- Monthly mortgage payment in 2019: $385
- Median home value in 2020: $95,700
- Ranked #612 out of 3,120 counties nationwide
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#5. Lake County
- Monthly mortgage payment in 2020: $345 (7.8% less than 2019)
- Monthly mortgage payment in 2019: $374
- Median home value in 2020: $93,100
- Ranked #542 out of 3,120 counties nationwide
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#4. Luce County
- Monthly mortgage payment in 2020: $342 (8.1% less than 2019)
- Monthly mortgage payment in 2019: $372
- Median home value in 2020: $92,200
- Ranked #517 out of 3,120 counties nationwide
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#3. Iron County
- Monthly mortgage payment in 2020: $304 (11.9% less than 2019)
- Monthly mortgage payment in 2019: $345
- Median home value in 2020: $82,200
- Ranked #266 out of 3,120 counties nationwide
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#2. Ontonagon County
- Monthly mortgage payment in 2020: $274 (9.6% less than 2019)
- Monthly mortgage payment in 2019: $303
- Median home value in 2020: $74,000
- Ranked #140 out of 3,120 counties nationwide
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#1. Gogebic County
- Monthly mortgage payment in 2020: $263 (15.2% less than 2019)
- Monthly mortgage payment in 2019: $310
- Median home value in 2020: $71,000
- Ranked #106 out of 3,120 counties nationwide
