As the next-door neighbor to Wisconsin and also sharing a border with Canada as well as access to the Great Lakes, Michigan is well known as the auto-making heartbeat of America. The major domestic carmakers - General Motors, Ford, and Stellantis (formerly Chrysler) - have long had a headquarters presence in the Detroit area, producing vehicles that just about everyone has driven in one form or another. Michigan's capital sits in Lansing, but the state also has major urban centers in Grand Rapids, Ann Arbor, Kalamazoo, and Flint. The state is unique in that it is made up of two large peninsulas, offering a significant variety of places to live in-state.
Michigan is one of America's largest states, both in terms of land mass and population. As of the U.S. Census Bureau's 2024 estimates, it is home to roughly 10.1 million people, making it the 10th most populous state; by total area it ranks 11th. Not surprisingly, the state has a very large economy as well, producing several hundred billion dollars in annual GDP. Although it's best known for the auto industry, Michigan is also home to numerous other well-known companies such as Whirlpool, Dow, Stryker, and Rocket Companies.
Top Cities
As of 2025, the typical home value in Michigan is roughly $270,000 (Zillow), and values have risen meaningfully over the past several years. Housing costs vary widely across the state. Some of the most expensive communities by home price - such as Bloomfield Hills, Birmingham, and New Buffalo - can run well into the seven figures, while a number of neighborhoods in former manufacturing hubs remain among the most affordable in the country. Statewide averages can be misleading, and Michigan is one of the states where that is very clearly the case.
Detroit
Population: roughly 645,000 (2024 estimate)
Detroit has spent decades working to shake a reputation shaped by crime, urban blight, and a shrinking population. That last part is increasingly out of date: after a long decline, the city's population has largely stabilized, with recent Census estimates showing modest growth. And while the city proper is a fraction of its mid-century peak, metropolitan Detroit is home to several million residents - a large share of Michigan's total population - with much of the workforce employed in the suburbs across industries such as biotech, IT, and healthcare. The city itself continues an urban renewal, with notable downtown investment led by Rocket Companies (formerly Quicken Loans) chairman Dan Gilbert.
Grand Rapids
Population: roughly 200,000 (2024 estimate)
Located along the Grand River, Grand Rapids is also known as the River City, and it is the largest city in Western Michigan (Detroit sits in the east). Furniture, food processing, advanced manufacturing, and healthcare all anchor the local economy, and major employers include Meijer, Corewell Health, and SpartanNash. Grand Rapids is consistently ranked among the better U.S. metros for raising a family and for overall affordability.
Lansing
Population: roughly 113,000 (2024 estimate)
Lansing is the capital of Michigan, anchoring a metropolitan area of over half a million people. The city is also home to Michigan State University in adjacent East Lansing. Lansing's economy is driven by government, manufacturing, insurance and finance, education, and healthcare.
Banking Options
Citizens of the Great Lake State, whether you call them Michiganders or Michiganians, have a number of attractive options when it comes to banking and finance. Comerica Bank was founded in Detroit and still maintains a large presence in the state (its headquarters are now in Dallas), and Michigan remains home to a strong roster of community banks and some of the nation's largest credit unions. Here are a few of your options:
Banks headquartered in Michigan:
- Mercantile Bank of Michigan
- Independent Bank
- Isabella Bank
- Central Savings Bank
Credit unions:
- Lake Michigan Credit Union
- DFCU Financial
- Michigan State University Federal Credit Union
- Lake Trust Credit Union
- United Federal Credit Union
- Genisys Credit Union
- Michigan Schools and Government Credit Union
- Advia Credit Union
National banks with branches in Michigan:
- Chase Bank
- Comerica
- PNC Bank
- Huntington Bank
- Fifth Third Bank
- KeyBank
Home Buying in Michigan
If you're looking for a property to purchase in Michigan, whether on the coast or inland, RateZip.com can help you find competitive loans for home buying. Your first step will be to determine what type of mortgage loan is right for you. Though it can seem overwhelming at times, we'll try to simplify things into the few most important options for you to consider. First-time buyers may also want to look into the Michigan State Housing Development Authority (MSHDA), the state's housing finance agency, which offers down-payment assistance and first-time homebuyer mortgage programs to eligible Michigan residents.
Fixed Rate Mortgages
If you get a fixed-rate mortgage, or FRM, you are getting a loan where the interest rate remains constant, meaning the monthly payment (principal and interest) also remains constant. These mortgages help homeowners make long-term financial plans knowing that this payment won't change. The 30-year fixed is the most popular, though 10-, 15-, and 20-year terms are also available.
ARMs
An ARM is an adjustable-rate mortgage, and unlike a fixed rate, the interest rate and monthly payment can change after an initial fixed period. You will often see ARMs written like this: 5/1, 7/1, or 10/1. This means the interest rate is fixed for the first 5, 7, or 10 years and then adjusts periodically thereafter based on an index.
Government Mortgages
In this case, we're talking about mortgages insured or guaranteed by the Federal Housing Administration (FHA) or the U.S. Department of Veterans Affairs (VA). FHA home loans are significant because they are often a great option for first-time home buyers - credit standards are more flexible than for conventional mortgages, and the required down payment can go as low as 3.5%. VA loans are for eligible veterans, service members, and certain surviving spouses, and offer favorable terms including, in many cases, no down payment.
Jumbo Home Loans
If you need a large loan to buy your home, you may need what's known as a jumbo mortgage. Jumbo home loans cover mortgages that exceed the conforming loan limits set for Fannie Mae and Freddie Mac, and you'll typically face stricter qualifying requirements and may need a larger down payment as well.
Home Equity Loans & HELOCs
Home equity loans and home equity lines of credit are financial products that allow homeowners to tap into the equity they've accumulated over time. These are "second mortgages" that sit on top of your primary home mortgage loan.
Mortgage rates change daily, so rather than quote a level here, we encourage you to check current rates before you shop.