The typical owner-occupied home in Midway is worth about $121,400, 42% below the Alabama median of $209,900 and 64% below the national median of $332,700. Owners pay a median $199 a year in property taxes, about 0.16% of their home's value, lower than the Alabama rate of 0.38%. The median household earns $61,893 a year, so the median home costs 2.0 times the median income (3.3 times for Alabama). 50% of occupied homes here are lived in by their owners, and 2% of those owners still have a mortgage.
Midway at a glance
| Midway | Alabama | U.S. | |
|---|---|---|---|
| Median home value | $121,400 | $209,900 | $332,700 |
| Median property tax paid per year | $199 | $788 | $3,119 |
| Property tax as a share of value | 0.16% | 0.38% | 0.94% |
| Median household income | $61,893 | $63,999 | $80,734 |
| Homes lived in by their owners | 50% | 70% | 65% |
| Owner homes with a mortgage | 2% | 54% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,433 | $1,963 |
| Median rent | $521 | $1,007 | $1,413 |
| Rent as a share of renters' income | 12.1% | 29.5% | 30.6% |
| Median year homes were built | 1980 | 1986 | 1980 |
| Vacant homes | 20.6% | 14.5% | 10.1% |
| Population | 503 | 5,086,768 | 334,922,499 |
What a typical home costs per month in Midway
At this week's average 30-year rate of 7.11%, buying the median Midway home of $121,400 with 20% down costs about $720 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $922, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $30,861 for the 20%-down payment. That payment is 14% of the median Midway household income of $61,893; at that income and 20% down, the 28% guideline points to a home of about $243,000.
The median rent here is $521 a month, so owning the median home costs about $199 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $24,280 |
|---|---|
| Loan amount | $97,120 |
| Principal and interest | $653 |
| Property taxes (0.16% a year) | $16 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| PMI | $0 |
| Total per month | $720 |
Change the numbers in the calculator
| Down payment | $4,249 |
|---|---|
| Loan amount | $119,201 |
| Principal and interest | $802 |
| Property taxes (0.16% a year) | $16 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| FHA mortgage insurance | $54 |
| Total per month | $922 |
Change the numbers in the calculator
Questions about home buying in Midway
What is the median home value in Midway?
About $121,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Midway?
Homeowners pay a median $199 a year, which is about 0.16% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Midway?
For the median home with 20% down at 7.11%, the payment is about $720 a month. Keeping that under 28% of gross income takes about $30,861 a year.
More about Midway
- Mortgage Refinance in Midway
- Debt Relief in Midway
- Home Equity Loans in Midway
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data