In Michigan the second home is almost always a lake cottage. Equity has built quietly here for a decade. The math often works long before owners think it does.
Primary home value tracks the state-level Zillow Home Value Index for late 2025. Median household income is from the most recent BLS state estimates. The typical second-home target is the local market that draws the most second-home demand: lake cottage up north for Michigan. Mortgage balance is set at roughly half of home value, the rough mid-tenure point. Edit anything once you load the calculator.
Most people guess wrong about how their state's market shapes the verdict. Seeing the typical MI household first gives you a baseline: are you ahead of it, behind it, or right on it?