The typical owner-occupied home in Lonaconing is worth about $89,400, 79% below the Maryland median of $419,900 and 73% below the national median of $332,700. Owners pay a median $870 a year in property taxes, about 0.97% of their home's value, close to the Maryland rate of 0.97%. The median household earns $54,250 a year, so the median home costs 1.6 times the median income (4.1 times for Maryland). 62% of occupied homes here are lived in by their owners, and 32% of those owners still have a mortgage.
Lonaconing at a glance
| Lonaconing | Maryland | U.S. | |
|---|---|---|---|
| Median home value | $89,400 | $419,900 | $332,700 |
| Median property tax paid per year | $870 | $4,093 | $3,119 |
| Property tax as a share of value | 0.97% | 0.97% | 0.94% |
| Median household income | $54,250 | $103,678 | $80,734 |
| Homes lived in by their owners | 62% | 68% | 65% |
| Owner homes with a mortgage | 32% | 71% | 61% |
| Median monthly costs, owners with a mortgage | $1,025 | $2,347 | $1,963 |
| Those costs as a share of the owners' income | 16.7% | 20.5% | 21.0% |
| Median rent | $719 | $1,705 | $1,413 |
| Rent as a share of renters' income | 36.7% | 30.8% | 30.6% |
| Median year homes were built | 1938 | 1979 | 1980 |
| Vacant homes | 20.0% | 7.7% | 10.1% |
| Population | 889 | 6,206,011 | 334,922,499 |
What a typical home costs per month in Lonaconing
At this week's average 30-year rate of 7.11%, buying the median Lonaconing home of $89,400 with 20% down costs about $591 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $740, 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 $25,313 for the 20%-down payment. That payment is 13% of the median Lonaconing household income of $54,250; at that income and 20% down, the 28% guideline points to a home of about $192,000.
The median rent here is $719 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $17,880 |
|---|---|
| Loan amount | $71,520 |
| Principal and interest | $481 |
| Property taxes (0.97% a year) | $72 |
| Homeowners insurance (our estimate, 0.5% a year) | $37 |
| PMI | $0 |
| Total per month | $591 |
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| Down payment | $3,129 |
|---|---|
| Loan amount | $87,781 |
| Principal and interest | $591 |
| Property taxes (0.97% a year) | $72 |
| Homeowners insurance (our estimate, 0.5% a year) | $37 |
| FHA mortgage insurance | $40 |
| Total per month | $740 |
Change the numbers in the calculator
Questions about home buying in Lonaconing
What is the median home value in Lonaconing?
About $89,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Lonaconing?
Homeowners pay a median $870 a year, which is about 0.97% 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 Lonaconing?
For the median home with 20% down at 7.11%, the payment is about $591 a month. Keeping that under 28% of gross income takes about $25,313 a year.
More about Lonaconing
- Mortgage Refinance in Lonaconing
- Debt Relief in Lonaconing
- Home Equity Loans in Lonaconing
- 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