What salary do you need to live in Lakewoods Acres #2, Michigan?

A median-priced Lakewoods Acres #2 home is about $123,900. At today's 7.32% 30-year fixed rate with 20% down, that's roughly $879 per month and about $23,443 per year in household income to qualify.

Is it cheaper to rent or buy in Lakewoods Acres #2, Michigan?

Renting in Lakewoods Acres #2 is estimated at about $775 per month (roughly $675 – $850), from Census data for this area, adjusted toward what is being asked today using HUD Fair Market Rents. Owning the median home costs an estimated $879 per month with 20% down — roughly $104 per month more than renting. Both figures are estimates, not quotes.

Cost of Living in Lakewoods Acres #2: What Salary Do You Need to Buy a Home?

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 Lakewoods Acres #2 home (around $123,900) at today's 7.32% 30-year fixed rate with 20% down, you'd need roughly $23k/year in household income to qualify — an estimated monthly payment of $879 (principal, interest, property tax est., and insurance).

Mortgage (principal and interest) $681 · Property tax (est.) $155 · Insurance (est.) $43 = $879/mo

Assumes 20% down; excludes PMI and HOA fees.

Down payment	Monthly: mortgage, tax, insurance	Income needed
20%	$879/mo	$23,443
10% (+PMI)	$1,011/mo	$26,952
5% (+PMI)	$1,056/mo	$28,156

Estimates use a 7.32% 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 Lakewoods Acres #2

Census block-group estimate

Renting costs about $104/mo less than owning the median Lakewoods Acres #2 home — a typical rent of about $775/mo, against roughly $879/mo to own with 20% down.

Monthly cost	Estimate
Rent, typical	$775/moroughly $675 – $850
Own, 20% downMortgage, property tax and insurance; no PMI or HOA	$879/mo

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

1 bed $4502 bed $7504 bed $1,350

Estimate (2023 ACS 5-year data), based on the Census block group containing Lakewoods Acres #2. 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 Lakewoods Acres #2?

Get a personalized rate and payment in minutes — or explore the full Lakewoods Acres #2 overview (schools, walkability, listings).

Get pre-approved

See what's actually for sale in Lakewoods Acres #2

New listings and price drops in Lakewoods Acres #2, emailed as they hit the market — so you can check these numbers against real homes. No account needed.