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Lake Gogebic

Learn about the people, housing, costs and businesses in Lake Gogebic, Michigan

Median Home$117,800
Population117
Leading IndustriesWholesale Trade · Public Administration · Healthcare12% wholesale trade
Home Value Growth⬆⬆+19.9% over 2 years
Retirees23% of residentsslightly above average
Homeowners92% of occupied units
NotableVeteran Community11% of residents · top 9% nationally
Lake Gogebic
MI

Frequently Asked Questions

What are today's mortgage rates in Lake Gogebic?

As of today, the 30-year fixed mortgage rate for Lake Gogebic is approximately 6.840% (6.874% APR). Rates vary based on your credit score, loan type, down payment, and other factors. Safe Rate updates rates daily using live investor pricing.

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What is the median home price in Lake Gogebic?

The median home value in Lake Gogebic is $118k. Annual property taxes average $1k. Home values are based on U.S. Census Bureau American Community Survey estimates.

Are home values rising in Lake Gogebic?

Home values in Lake Gogebic have increased 19.9% over the past two years. This indicates a strong appreciation trend. This data is sourced from the Federal Housing Finance Agency (FHFA) House Price Index.

How much income do you need to buy a home in Lake Gogebic?

Based on a typical all-in ownership cost of $547/month (mortgage, taxes, insurance), you'd generally need a household income of approximately $23k/year to keep housing costs at or below 28% of gross income — a common lender guideline. The median household income in Lake Gogebic is $54k/year.

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What industries drive the economy in Lake Gogebic?

The largest employment sectors in Lake Gogebic are public administration (29%) and healthcare (13%) of the local workforce. Industry data is sourced from the U.S. Census Bureau American Community Survey.