In South Monroe, a typical home is worth $184,000 and typical rent is $987 a month. Compared with all of Monroe County, typical household income is 20% lower, the typical home value is 20% lower, and the share of households that own their home is 12 points lower.
South Monroe is in Monroe County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Monroe County. See the county
What this place has that others do not, from public data, most unusual first.
1
70% of households in South Monroe own their home, against 82% in Monroe County.
2
The typical household income in South Monroe is $61,982,20% less than in Monroe County as a whole ($77,335).
3
The typical home in South Monroe is worth $184,000,20% less than in Monroe County as a whole ($228,900).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in South Monroe
What homes there are in South Monroe, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
South Monroe
Monroe County
Michigan
United States
Kind of home: South Monroe and its comparisons
Measure
South Monroe
Monroe County
Michigan
United States
Detached house
54%
78%
72%
61%
Attached house
7%
2%
5%
6%
Building of 2 to 4
7%
3%
5%
8%
Apartments (5 or more)
13%
9%
13%
19%
Mobile home
19%
8%
5%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
In South Monroe, 5 in 10 homes are single-family detached houses; in Monroe County, 8.
In South Monroe there are many mobile homes: 19% of homes; in Monroe County, 8%.
Year built
Before 19601960–19791980–19992000–20092010 or laterUnreliable estimate
South Monroe
Monroe County
Michigan
United States
Year built: South Monroe and its comparisons
Measure
South Monroe
Monroe County
Michigan
United States
Before 1960
28%
34%
36%
26%
1960–1979
27%
24%
26%
24%
1980–1999
29%
21%
22%
25%
2000–2009
12%
13%
10%
14%
2010 or later
Unreliable estimate
8%
6%
11%
The typical year built in South Monroe is 1977, about the same as in Monroe County (1974).
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Under the limitOver the limitUnreliable estimate
Under $100K25%
$100K–$200K34%
$200K–$300K19%
$300K–$500K18%
$500K–$750KUnreliable
FHA limit: $541,287
$750K–$1MUnreliable
$1M or moreUnreliable
Value of owner-occupied homes: South Monroe and its comparisons
Measure
South Monroe
Under $100K
25%
$100K–$200K
34%
$200K–$300K
19%
$300K–$500K
18%
$500K–$750K
Unreliable estimate
$750K–$1M
Unreliable
$1M or more
Unreliable
With an FHA limit of $541,287, at least 94% of owner-occupied homes in South Monroe sit below it: they are worth less than $500,000.
Monthly rent with utilities
Under the limitOver the limitUnreliable estimate
Under $50025%
$500–$99926%
$1,000–$1,49928%
HUD fair market rent, 2 bedrooms: $1,304
$1,500–$1,999Unreliable
$2,000–$2,499Unreliable
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: South Monroe and its comparisons
Measure
South Monroe
Under $500
25%
$500–$999
26%
$1,000–$1,499
28%
$1,500–$1,999
Unreliable estimate
$2,000–$2,499
Unreliable estimate
$2,500–$2,999
Unreliable
$3,000 or more
Unreliable estimate
About 68% of rented homes in South Monroe cost less than HUD's 2-bedroom fair market rent for Monroe County ($1,304).
With a mortgage
$1,459 a month
Monroe County: $1,586 a month
Without a mortgage
$673 a month
Monroe County: $602 a month
Owners with a mortgage
44%
Monroe County: 61%
The typical cost for an owner with a mortgage in South Monroe is $1,459 a month, less than in Monroe County ($1,586); without one, $673.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
South Monroe+39%
Monroe County+42%
Michigan+50%
United States+53%
Typical rent
South Monroe+34%
Monroe County+27%
Michigan+30%
United States+33%
Typical household income
South Monroe+51%
Monroe County+24%
Michigan+28%
United States+29%
Change since 2015–2019: South Monroe and its comparisons
Measure
South Monroe
Monroe County
Michigan
United States
Typical home value
+39%
+42%
+50%
+53%
Typical rent
+34%
+27%
+30%
+33%
Typical household income
+51%
+24%
+28%
+29%
The typical home value in South Monroe rose 39% since 2015–2019, about the same as in Monroe County (42%).
The typical rent in South Monroe rose 34% over the same time; in Monroe County, it rose 27%.
Here income gained ground: typical income rose 51%, against +39% for home values and +34% for rent.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: South Monroe and its comparisons
Measure
South Monroe
Monroe County
Michigan
United States
Rental vacancy
Unreliable estimate
Unreliable estimate
5.1%
5.5%
Homeowner vacancy
Unreliable estimate
Unreliable estimate
0.8%
0.9%
More than one person per room
Unreliable estimate
1.3%
1.6%
3.4%
People per household
2.14
2.45
2.42
2.53
Drive alone
77%
82%
74%
69%
Carpool
Unreliable estimate
7%
8%
9%
Public transit
Unreliable estimate
Unreliable estimate
1%
3%
Walk or bike
Unreliable estimate
2%
2%
3%
Work from home
12%
9%
14%
15%
Other means
Unreliable estimate
1%
1%
2%
Typical commute
Unreliable estimate
20 to 29 minutes
20 to 29 minutes
20 to 29 minutes
On average, a household in South Monroe has 2.14 people, fewer than in Monroe County (2.45).
Many people here do not commute at all: 12% work from home; in Monroe County, 9%.
Do the math
What would you pay each month for a home in South Monroe?
A typical home is tight for the typical income
We start with a typical home in South Monroe, worth $184,000, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 30% of the typical household income in South Monroe, which is $61,982 a year. For that payment to be 28% of income, a household would need to earn about $66,981 a year.
The calculator's FHA and conventional loan limits are those of all of Monroe County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in South Monroe. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $6,440 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$1,563
at 7.18% · 30 years
Loan amount
$180,667
Total interest
$259,938
Paid off in
November 2056
Includes $3,107 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $1,446 a month
Tight
$1,446 to $1,859 a month
Your payment · 30%
Hard
more than $1,859 a month
Compared with the typical household income in South Monroe ($61,982 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$1,224
Property tax
$181
Home insurance
$77
FHA mortgage insurance (MIP)
$81
You need at least $6,440 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $1,563; principal and interest $1,224.
The city and its county
South Monroe and Monroe County
South Monroe is in Monroe County, Michigan. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
South Monroe
Map of Monroe County, Michigan, with South Monroe marked. Around it, the neighboring counties.
South Monroe
Monroe County
Other cities with a page
South Monroe's own numbers
Typical home value
$184,000
Typical monthly rent
$987
Typical yearly household income
$61,982
Households that own their home
70%
Effective property tax rate
1.18%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Monroe County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,304
Price change over 5 years (FHFA)
+45%
Homes in a high flood-risk zone
6.4%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Monroe County.
A typical home in South Monroe is worth $184,000: 20% below the county and 21% below Michigan. With the typical household income in South Monroe ($61,982 a year), a typical home costs 3.0 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
South Monroe3.0 years
Monroe3.0 years
Michigan3.2 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Monroe County
According to FHFA’s house price index, home prices in Monroe County rose 81% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Monroe County.
Yearly change in FHFA’s price index in Monroe County, 2016 to 2025
2016: +4.0% +4.0% 2016
2017: +5.8% +5.8% 2017
2018: +5.7% +5.7% 2018
2019: +4.1% +4.1% 2019
2020: +3.3% +3.3% 2020
2021: +10.2% +10.2% 2021
2022: +11.1% +11.1% 2022
2023: +5.5% +5.5% 2023
2024: +5.7% +5.7% 2024
2025: +6.3% +6.3% 2025
Change in FHFA’s price index in Monroe County, Michigan and the United States
Period
County
Michigan
U.S.
Last year (2025)
+6.3%
+4.7%
+2.9%
5 years (2020–2025)
+45%
+52%
+47%
10 years (2015–2025)
+81%
+97%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
South Monroe next to Monroe County, Michigan and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
South Monroe$184,000
Monroe$228,900
Michigan$231,600
United States$332,700
Typical monthly rent
South Monroe$987
Monroe$1,059
Michigan$1,129
United States$1,413
Typical yearly household income
South Monroe$61,982
Monroe$77,335
Michigan$72,875
United States$80,734
See the full table
South Monroe next to Monroe County and Michigan
Measure
South Monroe
Monroe County
Michigan
U.S.
Typical home value
$184,000 ▼20% below the county
$228,900
$231,600
$332,700
Typical monthly rent
$987 ▼7% below the county
$1,059
$1,129
$1,413
Typical yearly household income
$61,982 ▼20% below the county
$77,335
$72,875
$80,734
Households that own their home
70% ▼12 points below the county
82%
73%
65%
Typical yearly property tax
$2,175 ▼18% below the county
$2,648
$2,904
$3,119
Effective property tax rate
1.18% ▲0.02 points above the county
1.16%
1.25%
0.94%
Renters with high rent for their income
62% ▲11 points above the county
51%
50%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Monroe County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in South Monroe
For a typical $184,000 home in South Monroe, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, South Monroe's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$1,563a month
Least cash to close
Down payment
$6,440
Cash to close
$11,960
Rate
7.18%
Mortgage insurance
FHA MIP · $81
Conventional, 5% down$1,529a month
Down payment
$9,200
Cash to close
$14,720
Rate
7.18%
Mortgage insurance
PMI · $87
Conventional, 20% down, no PMI$1,255a month
Down payment
$36,800
Cash to close
$42,320
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$1,425a month
Down payment
$27,600
Cash to close
$33,120
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in South Monroe
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$1,563
$6,440
$180,667
7.18%
FHA MIP · $81
$11,960
580
Conventional, 5% down
$1,529
$9,200
$174,800
7.18%
PMI · $87
$14,720
620*
Conventional, 20% down, no PMI
$1,255
$36,800
$147,200
7.18%
None
$42,320
620*
ITIN, 15% down (example)
$1,425
$27,600
$156,400
8.18%
None
$33,120
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in South Monroe is $987 a month: 7% below the county. In South Monroe, 62% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Monroe County, by unit size. To pay the 2-bedroom one ($1,304 a month) without spending more than 30% of your income, you would need to earn $25.08 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Monroe County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$908
$17.46
$36,320
1 bedroom
$997
$19.17
$39,880
2 bedrooms
$1,304
$25.08
$52,160
3 bedrooms
$1,595
$30.67
$63,800
4 bedrooms
$2,153
$41.40
$86,120
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in South Monroe
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). South Monroe is in ZIP code 48161.
For 2 bedrooms it is $1,220: $84 less than the fair market rent for Monroe County ($1,304).
Fair market rent by ZIP code and size in South Monroe, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
48161
$850
$930
$1,220
$1,490
$2,010
ZIP code2 bd3 bd
48161 $1,220$1,490
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for South Monroe when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
There is 1 HUD-approved agency with an office in Monroe County; none says it serves in Spanish.
No down payment, repair or rent-help program on our list is for South Monroe or Monroe County. The ones below are statewide in Michigan: they work in South Monroe the same as in the rest of the state.
Michigan state agency loan of up to $10,000, with no interest and no monthly payments, for the down payment, closing costs and prepaid expenses; it goes with MSHDA's MI Home Loan mortgage and is repaid in certain cases, such as when you pay off the first mortgage, sell or refinance the home, or no longer live in it.Offered by Michigan State Housing Development Authority (MSHDA).
Michigan state authority certificate that lets you take 20% of the interest you pay each year on your mortgage off your federal taxes, for the life of the loan; you apply with an approved lender before you buy.Offered by Michigan State Housing Development Authority (MSHDA).
The HUD-approved agencies closest to the center of South Monroe, in a straight line, nearest first. If one says it serves in Spanish, its card says so.
No legal help resource on our list is for South Monroe or Monroe County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for South Monroe and all of Monroe County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in South Monroe?
The typical home value in South Monroe is $184,000, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Monroe County it is $228,900.
How much does it cost to rent in South Monroe?
Typical rent in South Monroe is $987 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Monroe County is $1,304.
What is the FHA loan limit in South Monroe?
South Monroe uses the FHA limit for all of Monroe County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in South Monroe?
The typical homeowner in South Monroe pays $2,175 a year, according to the U.S. Census Bureau. That is 1.18% of the home’s value; in Monroe County, the rate is 1.16%.
Where can I find free help to buy or rent in South Monroe?
There is 1 HUD-approved counseling agency with an office in Monroe County. They can help you get ready to buy, with your credit, or with rent.
