Compare Bay City, MI mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Bay City.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Bay City. Plus, shopping lenders is free and there is no obligation.
January 25, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Bay City. Understand how much you need to earn to afford a home in Bay City, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Bay City fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Bay City is right for you.
The median home value for Bay City, MI (Bay County) is $138,412
Based on current mortgage rates and a 10% down payment, you need to make $22,678 per year to buy the median priced home in Bay City
With this income, you could qualify for a $124,571 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Bay City is $525
The median household income for Bay City, MI (Bay County) is $53,622
Based on this income, you can afford a home valued at approximately $327,271
The home price you can afford to buy based on household income in Bay City is 236% of the median home value which means housing prices are affordable. Bay City (Bay County) ranks 21 out of 83 counties in Michigan and 1,041 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Bay City, MI is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Bay City (Bay County) below.
Conforming loan limits for Bay City, MI
FHA loan limits for Bay City, MI
VA loan limits for Bay City, MI