Full Cost Breakdown — 48201 (Detroit, MI)
What Salary Do You Need to Buy in 48201?
Using the standard 28% gross income housing rule, you need approximately $70,270/year to comfortably afford the median home in Detroit, MI with 20% down at today's 7.1% rate.
The average household income in Wayne County is approximately $55,000/year — which means buying the median home here is difficult for the average family.
Property Tax in 48201 (Wayne County)
Wayne County has a property tax rate of approximately 2.2% — above the national average of 1.1%. On a $215,000 home, this equals $394/month or $4,730/year in property taxes.
Property taxes can often be appealed if your assessment seems high. Ownwell specializes in property tax appeals — they only charge if they save you money.
Will a Bank Approve You in Detroit?
Approval depends on your specific profile — credit score, income, existing debts, and down payment. The Bank Rejection Engine shows exactly how 5 different lender types would score your application for a home in 48201.