What salary do you need to live in Bode's Add., Michigan?

A median-priced Bode's Add. home is about $251,000. At today's 7.40% 30-year fixed rate with 20% down, that's roughly $1,792 per month and about $47,784 per year in household income to qualify.

Cost of Living in Bode's Add.: What Salary Do You Need to Buy a Home?

Q: Is it cheaper to rent or buy in Bode's Add., Michigan?

Renting in Bode's Add. is estimated at about $1,000 per month (roughly $875 – $1,100), from Census data covering a wider area than this place alone, adjusted toward what is being asked today using HUD Fair Market Rents. Owning the median home costs an estimated $1,792 per month with 20% down — roughly $792 per month more than renting. Both figures are estimates, not quotes.

Real numbers from this area's median sale price, property taxes, and household income — calculated at today's mortgage rate.

To buy a median-priced Bode's Add. home (around $251,000) at today's 7.40% 30-year fixed rate with 20% down, you'd need roughly $48k/year in household income to qualify — an estimated monthly payment of $1,792 (principal, interest, property tax est., and insurance).

Mortgage (principal and interest) $1,390 · Property tax (est.) $314 · Insurance (est.) $88 = $1,792/mo

Assumes 20% down; excludes PMI and HOA fees.

Down payment	Monthly: mortgage, tax, insurance	Income needed
20%	$1,792/mo	$47,784
10% (+PMI)	$2,060/mo	$54,928
5% (+PMI)	$2,152/mo	$57,385

Estimates use a 7.40% 30-year fixed rate (current Freddie Mac average), an aggressive ~45% housing-to-income ratio (roughly what FHA underwriting can allow for a buyer with no other monthly debts — your number depends on your debts and credit), this area's median sale price, plus estimated insurance and PMI below 20% down. Not a commitment to lend, and not an APR — your actual rate and payment will vary.

Rent vs. buy in Bode's Add.

Census tract estimate

Renting costs about $792/mo less than owning the median Bode's Add. home — a typical rent of about $1,000/mo, against roughly $1,792/mo to own with 20% down.

Monthly cost	Estimate
Rent, typical	$1,000/moroughly $875 – $1,100
Own, 20% downMortgage, property tax and insurance; no PMI or HOA	$1,792/mo

By bedroom — raw Census medians for current renters, not adjusted to today’s asking rents:

1 bed $5752 bed $8503 bed $1,100

Estimate (2023 ACS 5-year data), based on Census tract data, widened until there were enough renting households to measure, so it describes a larger area than Bode's Add. alone. Adjusted toward what is being asked today using HUD Fair Market Rents, because the Census figure counts every household already renting — including long-tenured ones paying below current market. Rent figures are rounded to the nearest $25 — the underlying estimates are not precise enough to read closer than that. The ownership figure is the monthly payment only: it excludes maintenance and closing costs, and it doesn't count the equity a payment builds. Renting has no down payment. Both are estimates, not quotes.

Thinking about buying in Bode's Add.?

Get a personalized rate and payment in minutes — or explore the full Bode's Add. overview (schools, walkability, listings).

Get pre-approved

See what's actually for sale in Bode's Add.

New listings and price drops in Bode's Add., emailed as they hit the market — so you can check these numbers against real homes. No account needed.