The typical owner-occupied home in Solon is worth about $309,400, 49% above the Iowa median of $208,000 and 7% below the national median of $332,700. Owners pay a median $4,390 a year in property taxes, about 1.42% of their home's value, close to the Iowa rate of 1.39%. The median household earns $113,295 a year, so the median home costs 2.7 times the median income (2.8 times for Iowa). 79% of occupied homes here are lived in by their owners, and 69% of those owners still have a mortgage.
Solon at a glance
| Solon | Iowa | U.S. | |
|---|---|---|---|
| Median home value | $309,400 | $208,000 | $332,700 |
| Median property tax paid per year | $4,390 | $2,897 | $3,119 |
| Property tax as a share of value | 1.42% | 1.39% | 0.94% |
| Median household income | $113,295 | $75,059 | $80,734 |
| Homes lived in by their owners | 79% | 72% | 65% |
| Owner homes with a mortgage | 69% | 59% | 61% |
| Median monthly costs, owners with a mortgage | $1,986 | $1,533 | $1,963 |
| Those costs as a share of the owners' income | 18.3% | 18.7% | 21.0% |
| Median rent | $1,127 | $972 | $1,413 |
| Rent as a share of renters' income | 41.3% | 27.4% | 30.6% |
| Median year homes were built | 1998 | 1972 | 1980 |
| Vacant homes | 4.4% | 8.5% | 10.1% |
| Population | 3,152 | 3,210,507 | 334,922,499 |
What a typical home costs per month in Solon
At this week's average 30-year rate of 7.11%, buying the median Solon home of $309,400 with 20% down costs about $2,160 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,676, 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 $92,577 for the 20%-down payment. That payment is 23% of the median Solon household income of $113,295; at that income and 20% down, the 28% guideline points to a home of about $379,000.
The median rent here is $1,127 a month, so owning the median home costs about $1,033 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $61,880 |
|---|---|
| Loan amount | $247,520 |
| Principal and interest | $1,665 |
| Property taxes (1.42% a year) | $366 |
| Homeowners insurance (our estimate, 0.5% a year) | $129 |
| PMI | $0 |
| Total per month | $2,160 |
Change the numbers in the calculator
| Down payment | $10,829 |
|---|---|
| Loan amount | $303,796 |
| Principal and interest | $2,044 |
| Property taxes (1.42% a year) | $366 |
| Homeowners insurance (our estimate, 0.5% a year) | $129 |
| FHA mortgage insurance | $137 |
| Total per month | $2,676 |
Change the numbers in the calculator
Questions about home buying in Solon
What is the median home value in Solon?
About $309,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Solon?
Homeowners pay a median $4,390 a year, which is about 1.42% 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 Solon?
For the median home with 20% down at 7.11%, the payment is about $2,160 a month. Keeping that under 28% of gross income takes about $92,577 a year.
More about Solon
- Mortgage Refinance in Solon
- Debt Relief in Solon
- Home Equity Loans in Solon
- 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