If you’re thinking about buying a house in Michigan, you’re on the right track, no matter your age, lifestyle or budget. There’s something for everyone here, from youthful college-town energy in Ann Arbor or East Lansing to peaceful places to watch the sunset when you’re sunsetting your working years — the state is near the top of the list in Bankrate’s best states to retire. Let’s not forget big-city vibes in a resurgent Detroit and an away-from-it-all escape in the Upper Peninsula.
While there’s a lot to love about Michigan, there’s plenty not to love about buying a house there right now. With rising mortgage rates and an overheated housing market, you might be wondering whether you should buy a house now or wait. But if you have solid credit and plan to be a Michigander for a long time, there’s no need to delay your down payment. You can buy now to avoid even higher prices in the future. Read on for everything you need to know about how to buy a house in Michigan.
How to buy a house in Michigan
Decide where to live in Michigan
If you aren’t tied to a particular place in Michigan, you have a big map to consider: The state covers more than 96,000 square miles, with shorelines touching four of the Great Lakes. There’s an equally wide range of housing prices, too. The average sale price at the midway point of 2022 was just over $260,000, according to data from Michigan Realtors. If you’re looking in Emmet County, home to the calm summer vibes of Petoskey, average prices are more than $523,000. But head to Bay County, and average prices are an affordable $156,600.
However, it’s not just the cost of the home that should help you decide where to buy a house in Michigan. Pay close attention to the total cost of living — what you’ll pay for essentials like transportation, food and utilities — to get a sense of how far your income will take you in different parts of the state. For example, Bankrate’s cost of living calculator shows that living in Ann Arbor costs more than 10 percent more than living in Grand Rapids. And speaking of Ann Arbor, it earned a spot on Bankrate’s list of the best cities in the U.S. for families, so if your long-term plans include children, consider becoming a Wolverine.
Tips for buying a house in Michigan
As you start browsing for homes in Michigan, it’s important to have an idea of how much you’re going to need to borrow to move in. The amount …….