Quick facts: Luther, MI

Quick Facts

94.9
Cost of Living
below US average
311
Population
160.77
Crime Rate per 1000
above US average
$50,278
Median Income
below US average
$204,900
Median House Price
above US average
$1435
Average Rent
above US average
12%
Poverty Rate
above US average
4.1%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $50,278.

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Income Needed to Buy

βœ— Stretch
$64k/year
Based on $204,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $64k vs median $50,278
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Income Needed to Rent

⚠ Stretch
$61k/year
Based on $1435/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $61k vs median $50,278
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Luther, MI

Luther, Michigan, is a quaint village situated in Lake County, known for its serene natural surroundings and small-town charm. Nestled between the picturesque Manistee National Forest to the east and the beautiful Pine River to the west, Luther offers residents and visitors a range of outdoor recreational activities, including fishing, hiking, and camping. The village is part of the larger agricultural and tourism-driven economy of the region. Luther is home to a close-knit community and features a handful of local businesses, parks, and amenities. The village embodies a peaceful lifestyle, making it an ideal spot for those seeking a quiet retreat from the hustle and bustle of urban life. Despite its small size, Luther is conveniently located near larger towns such as Baldwin and Reed City, providing access to additional services, shopping, and dining options. The area's rich history, scenic landscapes, and friendly atmosphere contribute to its appeal as both a residence and a travel destination in Michigan's vibrant northern region.

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