Traverse City, MI home prices
Typical home $419,457 · +3.2% in a year · income needed $119,000
The Traverse City, MI metro area ranks 129 of 894 U.S. metros for home values (U.S. typical home: $366,157). Prices changed +3.2% in a year and +28.1% over five years. With 20% down at 7.11%, the typical home costs about $2,777 a month including 0.89% property tax (Grand Traverse County rate).
Mortgage on the typical Traverse City home
| Down payment | Cash down | Loan | Principal + interest | PMI / MIP | Tax + insurance | Total / month | Income needed |
|---|---|---|---|---|---|---|---|
| 20% down | $83,891 | $335,566 | $2,257 | $0 | $520 | $2,777 | $119,000 |
| 10% down | $41,946 | $377,511 | $2,540 | $157 | $520 | $3,217 | $137,900 |
| 5% down | $20,973 | $398,484 | $2,681 | $166 | $520 | $3,366 | $144,300 |
| 3.5% down (FHA) | $14,681 | $411,860 | $2,771 | $186 | $520 | $3,476 | $149,000 |
Assumes a 30-year fixed loan at 7.11%, property tax of 0.89% of the home value a year, homeowners insurance of 0.6% a year, PMI of 0.5% of the loan a year when the down payment is under 20%, and FHA mortgage insurance of 0.55% a year plus a 1.75% upfront premium added to the loan. Your rate, taxes and insurance will differ.
Counties in the Traverse City area
| County | Typical home | 1-yr change | Tax rate |
|---|---|---|---|
| Grand Traverse County, MI | $417,443 | +2.6% | 0.89% |
| Leelanau County, MI | $652,394 | +3.2% | 0.68% |
| Benzie County, MI | $406,697 | +6.8% | 0.79% |
| Kalkaska County, MI | $225,055 | +0.2% | 0.87% |
What can you afford in Michigan on your salary? · Michigan home prices · Salaries in Michigan
Frequently asked questions
How much is a house in Traverse City?
The typical home in the Traverse City, MI metro area is worth $419,457 (Zillow, September 2026).
What salary do you need to buy a house in Traverse City?
About $119,000 a year for the typical home with 20% down at 7.11%.