Compare Monroe, 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 Monroe.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Monroe. Plus, shopping lenders is free and there is no obligation.
February 8, 2023
Below we provide helpful information on the real estate market, home prices and housing affordability in Monroe. Understand how much you need to earn to afford a home in Monroe, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Monroe 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 Monroe is right for you.
The median home value for Monroe, MI is $208,360
Based on current mortgage rates and a 10% down payment, you need to make $34,139 per year to buy the median priced home in Monroe
With this income, you could qualify for a $187,524 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 Monroe is $791
The median household income for Monroe, MI is $67,921
Based on this income, you can afford a home valued at approximately $414,541
The home price you can afford to buy based on household income in Monroe is 199% of the median home value which means housing prices are average. Monroe ranks 57 out of 83 counties in Michigan and 1,750 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Monroe, MI is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Monroe below.
Conforming loan limits for Monroe, MI
FHA loan limits for Monroe, MI
VA loan limits for Monroe, MI