Quick facts: Michigamme, MI

Quick Facts

94.9
Cost of Living
below US average
226
Population
132.74
Crime Rate per 1000
above US average
$42,917
Median Income
below US average
$450,000
Median House Price
above US average
$1435
Average Rent
above US average
10%
Poverty Rate
below US average
3.5%
Unemployment Rate
below 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 $42,917.

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Income Needed to Buy

βœ— Stretch
$141k/year
Based on $450,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $141k vs median $42,917
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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 $42,917
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Michigamme, MI

Michigamme is a small community located in Marquette County, in the heart of Michigan's Upper Peninsula. Known for its picturesque landscapes, Michigamme sits on the shores of Lake Michigamme, a popular destination for fishing, boating, and swimming during the warmer months. The area is surrounded by lush forests, making it an outdoor enthusiast's paradise, with opportunities for hiking, snowmobiling, and cross-country skiing in the winter. The village is steeped in history, with origins dating back to the mid-19th century when it was established as a logging town. Today, it retains a quiet charm, featuring a tight-knit community and local businesses that cater to both residents and visitors. The scenic beauty and recreational activities draw tourists looking to escape the hustle of city life. Nearby attractions include the scenic scenic trails of the Ottawa National Forest and various local parks. Overall, Michigamme offers a serene retreat with a blend of natural beauty and rich history, making it a unique place to visit or call home.

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