CALCMONEY // HOME AFFORDABILITY // MI // GROSSE POINTE
How much house can you afford in Grosse Pointe? Based on local median home prices, current MI mortgage rates, and Grosse Pointe property tax data.
$850,000
$6,368/mo
$272,926/yr
$213,815
Monthly housing costs of $6,368 represent 58.8% of Grosse Pointe's median gross monthly income ($10,833/mo). At 58.8%, median-income buyers in Grosse Pointe are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $850,000 |
| Down Payment (20%) | $170,000 |
| Loan Amount | $680,000 |
| Monthly PI Payment | $4,456 |
| Monthly Property Tax | $1,558 |
| Monthly Insurance Est. | $354 |
| Total Monthly PITI | $6,368 |
| Housing Cost % of Income | 58.8% |
| Required Income (28% rule) | $272,926/yr |
| Max Affordable Home | $213,815 |
$29,750
$7,868/mo
Grosse Pointe Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $850,000 | Grosse Pointe city median |
| Down Payment (20%) | $170,000 | Conventional loan |
| Monthly PITI | $6,368 | 6.85% rate, 30yr fixed |
| Required Income (28% rule) | $272,926 | Annual gross |
| Max Affordable Home | $213,815 | Based on median income |
| FHA Down (3.5%) | $29,750 | Minimum FHA |
| Housing Cost % of Income | 58.8% | Median income: $130,000/yr |
| Property Tax Rate | 2.2% | $18,700/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Grosse Pointe is $850,000, with a local 30-year mortgage rate of 6.85%. A buyer putting 20% down carries a loan of $680,000, generating a monthly P&I payment of $4,456. Adding property taxes ($1,558/mo) and homeowners insurance ($354/mo) brings total monthly PITI to $6,368.
Grosse Pointe's property tax rate of 2.2% is notably high, meaningfully reducing how much home buyers can afford — lenders factor this directly into debt-to-income calculations. On the Grosse Pointe median home, that is $1,558/month, or $18,700 per year.
Michigan levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Grosse Pointe should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Grosse Pointe's median income of $130,000/year can afford up to $3,033/month in total housing costs. Based on Grosse Pointe's mortgage rate of 6.85% and property tax rate of 2.2%, that translates to a maximum affordable home price of approximately $213,815 with 20% down on a 30-year loan.
To afford the median Grosse Pointe home priced at $850,000, you need an annual gross income of approximately $272,926. Total monthly housing costs (principal and interest of $4,456, property taxes of $1,558, and insurance of $354) come to $6,368/month, which equals 28% of the required income.
At the median home price of $850,000 and median household income of $130,000, the total monthly housing cost of $6,368 represents 58.8% of gross monthly income. This is well above the standard 28% threshold, making Grosse Pointe a challenging market for buyers at median income.
A conventional 20% down payment on the median Grosse Pointe home of $850,000 is $170,000. An FHA loan requires just 3.5% down — $29,750 — but adds mortgage insurance of roughly $581/month, bringing total FHA payments to $7,868/month.
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