Macomb County, Michigan
Local mortgage guidance for Richmond buyers and homeowners, with options shopped across multiple wholesale lenders and one Michigan broker who stays with your file.
Every September, the weekend after Labor Day, Richmond throws the Good Old Days Festival, running since 1964 and home to what organizers call the largest marching musical parade in Michigan, complete with a demolition derby and Figure-8 racing. That festival says everything about this northern Macomb County town: a genuine Main Street, surrounding farmland threaded by Swan Creek, and a tight community of roughly 5,920 residents. Sitting at the I-94/M-19 interchange, Richmond works as an affordable bedroom community for metro Detroit while keeping its rail-and-agriculture identity. Richmond Community Schools and the city anchor in-town jobs, while many residents commute south to Macomb's auto, aerospace, and defense base, General Dynamics Land Systems and BAE Systems among them. With a median household income near $64,700, buyers here are local families.
By the numbers
Values move. Treat these as orientation and let us pull current figures for the address you are considering.
Typical home value, from the market research on this page
Typical rise in taxable value the year after a home sells, 2026 Uncapping Study
Residential ZIP codes
For a ~$290,000 Richmond home with 20% down at current rates, estimated monthly PITI lands near $1,900, pointing to roughly $80,000-$90,000 in household income to qualify comfortably. Since the local median income runs about $64,700, many buyers put more down, buy below the median, or lean on Michigan MSHDA down-payment assistance and first-time-buyer programs, ask us about those. Budget for property taxes: the City of Richmond with Richmond Community Schools carries about 25.96 mills homestead and 43.88 mills non-homestead (2023), which works out to roughly 1.3% of market value for an owner-occupied home. At this price point you're well under conforming limits, so jumbo financing rarely applies, conventional, FHA, VA, and USDA rural loans cover nearly every Richmond purchase.
Nearly every Richmond purchase fits well under the 2026 conforming limit of $832,750, so loan size is rarely the constraint.
The market
Typical home values in the 48062 ZIP sit around $285,000-$308,000 per Zillow, with the blended median landing near $290,000 and prices running roughly flat year over year (about +0.2% at the ZIP level). Sources disagree at the city level, Redfin's monthly read swung sharply on small-sample noise, so treat flat-to-slightly-up as the stable picture. Homes have been taking longer to move lately, roughly 50-65 days to pending versus about 20 days a year earlier, signaling a cooler, more balanced market. Demand is driven by families wanting the Richmond school district, newer subdivisions like Swan Creek Riverside, and commuters chasing affordability near I-94.
Where to look
(~$330,000-$450,000+): Newer construction inside the City of Richmond (Richmond schools), with ranch plans like the Austin (~1,595 sq ft) and Freemont (~1,750 sq ft).
(~$300,000-$500,000+): A newer City of Richmond development marketed with modern-luxury detailing.
(~$250,000-$400,000): Established single-family and condo community along Swan Creek in the Richmond/Richmond Township area.
(~$280,000-$420,000): Subdivision in the 48062 area listed through RE/MAX.
Here's how the 48062 area breaks down: Most of the area is served by Richmond Community Schools (~1,540 students), including Will L. Lee Elementary, Lois Wagner Elementary, Richmond Middle School, and Richmond High School (home of the Blue Devils), with the district office at 35276 Division Road.
Downtown Detroit is about 43 miles, roughly 55-65 minutes via I-94 southbound, while adjacent New Haven, Armada, Memphis, and Marine City are far closer.
Michigan property taxes
The year after a Michigan home sells, its taxable value resets to half of the assessor's market value, so the seller's tax bill is not your tax bill.
In the City of Richmond, our 2026 Uncapping Study found taxable value typically rises about 39% the year after a sale: roughly $1,690 more in first-year tax on a $300,000 home at the local homestead millage. We build your payment on that post-sale number.
I'd much rather somebody ask me, "Why are your taxes higher than what I'm seeing online?" than have them build a housing budget around the wrong assumption.
Local resources
The official offices behind the tax and school details on this page.
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Individual experiences. Results vary.
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Typical home values in the 48062 ZIP run around $285,000-$308,000, with the surrounding Richmond city/township market averaging in the high $200,000s. Newer subdivisions like Swan Creek Riverside and Lake Angela Estates push higher ($330,000+), while older homes near downtown Main Street offer more affordable entry points starting in the high $100,000s to low $200,000s.
Roughly $80,000-$90,000 per year for a ~$290,000 home with 20% down at current rates (about $1,900/month for principal, interest, taxes and insurance). With Richmond’s median household income around $64,700, many buyers either put more down, buy below the median, or use down-payment-assistance and first-time-buyer programs to qualify.
The City of Richmond with Richmond Community Schools carries roughly 25.96 mills for owner-occupied (homestead) homes and about 43.88 mills for non-homestead properties (2023 rates). Because Michigan taxes about half of a home’s market value, the effective tax on a primary residence works out to roughly 1.3% of market value annually.
Expect about 43 miles and roughly 55-65 minutes by car via I-94 southbound, more during peak rush hour. Richmond sits right at the I-94/M-19 interchange in northern Macomb County, making it a popular affordable bedroom community for metro Detroit commuters.
Richmond Community Schools serves the area, with about 1,540 students across schools including Will L. Lee Elementary, Lois Wagner Elementary, Richmond Middle School and Richmond High School (home of the Blue Devils). The district is also one of the larger local employers, headquartered at 35276 Division Road.
Richmond keeps a genuine small-town character with a historic Main Street, surrounding farmland and creeks, and the Good Old Days Festival, held every year since 1964 and known for what organizers call the largest marching musical parade in Michigan. It pairs that community feel with relatively affordable housing and reasonable access to Macomb County and Detroit-area jobs.
Richmond is relatively affordable for metro Detroit, with downtown-area homes from the high $100,000s and a steady, owner-occupied small-town market. Homes have been taking longer to sell recently (roughly 50-65 days), which can give buyers more negotiating room, while first-time buyers can pair that with Michigan down-payment-assistance programs.
Tell Samantha what you are trying to do in Richmond and she will tell you what actually matters for your situation, including whether the timing is right.
Not what product you want. What you are actually trying to accomplish.
A licensed Align loan officer works out what matters most for you specifically.
Your options, the tradeoffs, and your next step. No obligation to go further.
Align Lending LLC, NMLS #2041154. Samantha Shelton, NMLS 1647301. Equal Housing Opportunity. Licensed in Michigan, Ohio, North Carolina, Florida, Louisiana and Texas. Figures on this page are market research for orientation, not a quote. This page is for educational purposes only. It is not a credit decision, a preapproval, a commitment to lend, or an offer of credit.
