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New Report Fall 2026 Housing Affordability Report: every state is less affordable than in late August as average 30-year mortgage rates passed 7%. Read the report

Parma, MI Housing Affordability Index

Parma, Michigan has an MBR Housing Affordability Index score of 145.5 (Highly Affordable) as of October 30, 2026, ranking 168th most affordable of 629 scored Michigan cities, compared with 108.6 statewide and 97.4 nationally. On a median-priced $158,500 home with 20% down, the Michigan average 30-year fixed rate of 7.31% means a monthly principal and interest payment of about $870, or 15% of the city’s $71,250 median household income.

The MBR Housing Affordability Index (MBR-HAI) for Parma is updated every night from live Michigan mortgage rates and U.S. Census Bureau income, home value and housing cost data for the city. A score of 100 equals the national average; higher scores mean homeownership is more affordable.

Parma MBR-HAI 145.5 Highly Affordable
Rank in Michigan 168 of 629 1 = most affordable
Michigan 108.6 Statewide score
National 97.4 100 = baseline
Avg 30-yr rate 7.31% Michigan lenders
Median home value $158,500 U.S. Census Bureau

Parma is 36.8 points above the Michigan score. Scores as of October 30, 2026. See the Michigan index

View Parma Mortgage Rates

See What You Can Afford in Parma, Michigan

Use this Parma, Michigan home affordability calculator to see how much house you can afford at today’s Michigan average 30-year mortgage rate of 7.31%. A household earning the Parma median income of $71,250, with no other debts and $32,000 down, can afford a home of about $220,367, compared with a median home value of $158,500. Buying the median priced home with 20% down takes a household income of about $46,300 once property tax and insurance are counted.

Parma median (Census)
Car, student loan, card minimums
Under 20% adds PMI
Michigan average, 30-year fixed
Parma median bill (Census)
Estimate; use your quote
You can afford a home up to
$220,367
At or above the Parma median home value of $158,500
Loan amount$188,367
Principal & interest$1,292/mo
Property tax$200/mo
Home insurance$92/mo
PMI$78/mo
Total monthly payment$1,663/mo
Compare Parma Mortgage Rates

How much house can you afford in Parma?

Most lenders use two limits. Your housing payment, including principal, interest, property tax, homeowners insurance and any PMI, should stay under about 28% of your gross monthly income, and all of your monthly debt payments together should stay under about 36%. The calculator takes whichever limit is lower, then works backward from that payment to the most expensive home it covers at the current rate.

In Parma, property taxes run about 1.09% of a home’s value each year, based on the Census median tax bill, which counts against the same monthly budget as the mortgage. Each quarter point move in mortgage rates changes the price you can afford by roughly $3,667 for a median income household. A larger down payment, paying down other debts, or a lower rate from a local lender all raise your budget.

What It Takes to Buy in Parma

$870/mo
Principal & Interest
Median home, 20% down, 7.31%
$37,300
Income Needed
To keep principal and interest at 28% of income
$71,250
Median Household Income
Michigan: $72,875
2.2x
Price-to-Income Ratio
Michigan: 3.2x
$975/mo
Median Owner Costs
Mortgage, taxes, insurance, utilities
$1,721/yr
Median Property Tax
1.09% of median value
21.9%
Owner Cost Burden
Owners spending 30%+ of income on housing
24.5%
Renter Cost Burden
Renters spending 30%+ of income on rent

Source: U.S. Census Bureau American Community Survey 5-Year Estimates (2024) for Parma, Michigan. The rate is the Michigan average 30-year fixed rate from MonitorBankRates, since lenders publish rates by state.

Cite the Parma Score

“MonitorBankRates (MBR) Housing Affordability Index, MonitorBankRates.com, October 30, 2026. Parma, Michigan score: 145.5 (Highly Affordable), ranked 168 of 629 Michigan cities. monitorbankrates.com/housing-affordability-index/michigan/parma”