Compare Niles, 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 Niles.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Niles. 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 Niles. Understand how much you need to earn to afford a home in Niles, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Niles 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 Niles is right for you.
The median home value for Niles, MI (Berrien County) is $193,144
Based on current mortgage rates and a 10% down payment, you need to make $31,646 per year to buy the median priced home in Niles
With this income, you could qualify for a $173,830 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 Niles is $733
The median household income for Niles, MI (Berrien County) is $54,209
Based on this income, you can afford a home valued at approximately $330,853
The home price you can afford to buy based on household income in Niles is 171% of the median home value which means housing prices are average. Niles (Berrien County) ranks 75 out of 83 counties in Michigan and 2,280 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Niles, MI is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Niles (Berrien County) below.
Conforming loan limits for Niles, MI
FHA loan limits for Niles, MI
VA loan limits for Niles, MI