PMI Rates by State 2026
PMI does not vary by state the way mortgage rates do — your rate is set by your credit score and loan-to-value ratio, not your ZIP code. What changes by state is the dollar cost, because home prices and property taxes set your loan amount. On a typical $250,000 loan at 10% down, average PMI runs about $100–$165/month — roughly $95 in affordable Michigan markets up to $163 in California, where the same credit profile borrows more.
| State | Avg PMI Rate | Est. Monthly PMI | Notes |
|---|---|---|---|
| Michigan | 0.48% | $95/mo | Lowest PMI costs due to affordable housing |
| Ohio | 0.50% | $102/mo | Affordable housing market |
| North Carolina | 0.51% | $104/mo | Moderate rates, popular relocation destination |
| Georgia | 0.53% | $105/mo | Growing market, competitive rates |
| Pennsylvania | 0.52% | $108/mo | Lower home prices reduce PMI cost |
| Virginia | 0.52% | $112/mo | Stable market near DC |
| Illinois | 0.55% | $115/mo | Moderate PMI rates, high property taxes |
| Arizona | 0.56% | $118/mo | Fast-growing market |
| Texas | 0.58% | $121/mo | No state income tax offsets higher property tax |
| Colorado | 0.54% | $125/mo | Strong housing market |
| Washington | 0.57% | $135/mo | High home prices in Seattle metro |
| Florida | 0.62% | $138/mo | Hurricane insurance may affect PMI rates |
| Massachusetts | 0.58% | $140/mo | High home prices in Boston area |
| New York | 0.60% | $145/mo | High cost of living affects LTV ratios |
| California | 0.65% | $163/mo | High home prices increase absolute PMI cost |
States with Lowest PMI Costs
These states have the lowest average PMI costs due to affordable housing markets:
- 1Michigan— $95/mo
- 2Ohio— $102/mo
- 3North Carolina— $104/mo
- 4Georgia— $105/mo
- 5Pennsylvania— $108/mo
States with Highest PMI Costs
Higher home prices drive up absolute PMI costs in these states:
- 1California— $163/mo
- 2New York— $145/mo
- 3Massachusetts— $140/mo
- 4Florida— $138/mo
- 5Washington— $135/mo
How to Reduce Your PMI Costs
1. Increase Your Down Payment
Every additional 5% down reduces your PMI rate. At 20% down, PMI is eliminated entirely.
2. Improve Your Credit Score
Moving from "fair" to "good" credit can save $30-$50/month on PMI.
3. Choose a 15-Year Loan
Shorter loan terms have lower PMI rates (typically 0.10-0.20% less).
4. Consider a VA Loan
Eligible veterans can avoid PMI entirely with a VA loan.
PMI by State FAQ
Does PMI cost more in some states than others?
The PMI rate (percentage) is the same across states for the same borrower — it is set by credit score and loan-to-value ratio. The dollar cost differs because state home prices set your loan amount. A $100K loan in Ohio and a $500K loan in California at the same 0.75% rate cost $63/month and $313/month respectively, but the rate is identical.
Which states have the cheapest PMI?
States with lower median home prices — Michigan, Ohio, Pennsylvania, Georgia, North Carolina — have the lowest dollar PMI because loans are smaller. Michigan at roughly $95/month on a typical loan is the cheapest of the 15 major states modeled, versus about $163/month in California.
Is PMI based on the home price or the loan amount?
The loan amount. PMI is charged as a percentage of the principal balance, so a 10% down payment on a $250,000 home means PMI on $225,000, not on $250,000. This is why states with high prices but equally large down payments still see higher PMI bills.
What actually determines my PMI rate?
Your credit score and your loan-to-value ratio are the two drivers. A 760+ score at 90% LTV typically prices near 0.5%; a 620 score at 97% LTV can price above 1.5%. Loan term (15-year terms price slightly lower) and loan type (FHA MIP is a different schedule) also matter. Your address does not.
Can I remove PMI early in any state?
Yes — PMI removal follows federal rules (Homeowners Protection Act) in every state: request removal at 80% LTV based on the original value, automatic termination at 78%. A new appraisal can accelerate removal if your home appreciated. Refinancing to 80% LTV or below also eliminates it.
How can I reduce PMI in a high-cost state like California?
Put more down (20% eliminates PMI entirely, or 10% plus a piggyback second mortgage), raise your credit score into the 760+ band, or choose a loan type without PMI — VA for eligible buyers, USDA in eligible areas. In high-price states the dollar saving from avoiding PMI is largest because the loan is largest.
Related: PMI Calculator · What Is PMI? · How to Remove PMI · State Housing Data · Updated 2026-09-16