Quick facts: Mikado, MI

Quick Facts

94.9
Cost of Living
below US average
820
Population
Crime rate Data is updating, will be available soon
$46,250
Median Income
below US average
$130,000
Median House Price
above US average
$1435
Average Rent
above US average
Poverty rate Data is updating, will be available soon
4.5%
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 $46,250.

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Income Needed to Buy

βœ“ Affordable
$41k/year
Based on $130,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($46,250) exceeds requirement
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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 $46,250
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Mikado, MI

Mikado is a small, charming unincorporated community located in Alcona County, Michigan. Nestled in the northeastern part of the state, Mikado lies along the scenic shores of Lake Huron, making it a lovely spot for those who appreciate natural beauty and outdoor activities. The area is characterized by its tranquil rural setting, with lush forests and waterways that attract nature enthusiasts, particularly for fishing, hiking, and wildlife observation. The community primarily serves as a residential area, with a close-knit population that appreciates the quiet lifestyle that rural Michigan offers. While Mikado itself may be small, it provides easy access to local amenities, and nearby towns like Harrisville and Lincoln offer additional shopping and dining options. Mikado also enjoys proximity to various recreational opportunities, including state parks and beaches, making it an ideal location for seasonal visitors seeking a peaceful retreat away from urban life. With its rustic charm and scenic surroundings, Mikado represents a quintessential example of small-town life in Michigan.

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