Market Overview
Home Prices in Michigamme, MI
The median home value in Michigamme, MI is $224,421 as of mid-2026, according to Zillow's Home Value Index (ZHVI).That's up 15.1% compared to a year ago and up 4.2% from two years prior.
Compared to the U.S. national median of $410,000, homes in Michigamme are priced45% below average. Michigamme is part of the Marquette, MI metro area.
Over the past five years, Michigamme home values have risen by approximately37.2%, reflecting strong long-term appreciation in this market.
Price History
Michigamme Home Price Trend
City Comparison
Michigamme vs. National Median
At $224,421, homes in Michigamme cost 45% below the national median of $410,000. This makes Michigamme a relatively affordable market for buyers seeking value.
Affordability
What Does It Cost to Buy in Michigamme?
20% Down Payment
$44,884
on $224,421
Monthly P&I
$1,170/mo
30-yr @ 6.8%
Total Monthly Est.
~$1,486/mo
incl. taxes & insurance
Income Needed
$59,440
gross annual (30% rule)
10% Down Option
$22,442
+ PMI applies
Loan Amount (20% dn)
$179,537
at current rates
Estimates assume a 30-year fixed mortgage at 6.8%. Monthly total includes estimated property taxes and homeowner's insurance. Actual costs vary.
FAQ
Frequently Asked Questions
What is the average home price in Michigamme, MI?
The median home value in Michigamme is $224,421 as of mid-2026, according to Zillow's Home Value Index (ZHVI). That's up 15.1% year-over-year.
How much have home prices changed in Michigamme?
Over the past year, home values in Michigamme have increased by 15.1%. Over five years, prices have risen approximately 37.2%.
How much do I need to earn to buy a home in Michigamme?
To comfortably afford the median home price of $224,421 with a 20% down payment ($44,884) at today's rates (6.8%), you'd need a gross annual income of approximately $59,440. This assumes keeping total housing costs at or below 30% of gross income.
How does Michigamme compare to the national average home price?
The national median home value is approximately $410,000. At $224,421, homes in Michigamme are 45% below the national average.
What metro area is Michigamme part of?
Michigamme is part of the Marquette, MI metropolitan area. Home prices and market conditions can vary across the broader metro region.