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Affordable
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These days, finding an affordable place to live in the Tower area can be challenging. Home prices in Tower are now at a median cost of $130,256, lower than the Michigan average of $250,415.
The average cost of rent is $686/mo in Tower, primarily driven by the current value of real estate in the Tower area. In Tower, 17.37% of households rent, and 63.08% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Tower is $5,284 per month. Households that rent pay about 12.98% of their income on rent here. Tower’s most expensive areas are in the southern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
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Cities with Similar Populations
- Butler, TX: higher priced homes
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- Capps, AL: less expensive homes
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