Quick facts: Owosso, MI

Quick Facts

94.9
Cost of Living
below US average
14,629
Population
21.26
Crime Rate per 1000
below US average
$51,794
Median Income
below US average
$162,500
Median House Price
above US average
$788.75
Average Rent
below US average
12%
Poverty Rate
above US average
5.2%
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 $51,794.

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Income Needed to Buy

βœ“ Affordable
$51k/year
Based on $162,500 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($51,794) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$34k/year
Based on $788.75/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($51,794) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Owosso, MI

Owosso is a charming city located in Shiawassee County, Michigan. It has a rich history dating back to the mid-19th century, serving as a significant center for the railroad and manufacturing industries. The city is known for its beautifully preserved historic architecture, including the stunning Owosso City Hall and the historic theaters that reflect its vibrant past. Nestled along the Shiawassee River, Owosso offers a picturesque setting with ample recreational opportunities. Residents and visitors can enjoy outdoor activities at parks like the scenic Bentley Park or take advantage of trails for hiking and biking. The city also hosts numerous annual events, including festivals that celebrate its cultural heritage and community spirit. Owosso boasts a friendly small-town atmosphere with a mix of shops, restaurants, and local businesses. The community is known for its active engagement in local affairs, fostering a strong sense of belonging among its residents. With its combination of history, community spirit, and natural beauty, Owosso is a delightful place to live or visit.

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