The typical owner-occupied home in Conway is worth about $425,000, 84% above the Michigan median of $231,600 and 28% above the national median of $332,700. Owners pay a median $2,765 a year in property taxes, about 0.65% of their home's value, lower than the Michigan rate of 1.25%. The median household earns $77,000 a year, so the median home costs 5.5 times the median income (3.2 times for Michigan). 74% of occupied homes here are lived in by their owners, and 50% of those owners still have a mortgage.
Conway at a glance
| Conway | Michigan | U.S. | |
|---|---|---|---|
| Median home value | $425,000 | $231,600 | $332,700 |
| Median property tax paid per year | $2,765 | $2,904 | $3,119 |
| Property tax as a share of value | 0.65% | 1.25% | 0.94% |
| Median household income | $77,000 | $72,875 | $80,734 |
| Homes lived in by their owners | 74% | 73% | 65% |
| Owner homes with a mortgage | 50% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,458 | $1,569 | $1,963 |
| Those costs as a share of the owners' income | 30.8% | 19.3% | 21.0% |
| Median rent | – | $1,129 | $1,413 |
| Median year homes were built | 1984 | 1972 | 1980 |
| Vacant homes | 43.5% | 11.8% | 10.1% |
| Population | 237 | 10,077,761 | 334,922,499 |
What a typical home costs per month in Conway
At this week's average 30-year rate of 7.11%, buying the median Conway home of $425,000 with 20% down costs about $2,694 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,402, 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 $115,478 for the 20%-down payment. That payment is 42% of the median Conway household income of $77,000; at that income and 20% down, the 28% guideline points to a home of about $283,000.
| Down payment | $85,000 |
|---|---|
| Loan amount | $340,000 |
| Principal and interest | $2,287 |
| Property taxes (0.65% a year) | $230 |
| Homeowners insurance (our estimate, 0.5% a year) | $177 |
| PMI | $0 |
| Total per month | $2,694 |
Change the numbers in the calculator
| Down payment | $14,875 |
|---|---|
| Loan amount | $417,302 |
| Principal and interest | $2,807 |
| Property taxes (0.65% a year) | $230 |
| Homeowners insurance (our estimate, 0.5% a year) | $177 |
| FHA mortgage insurance | $188 |
| Total per month | $3,402 |
Change the numbers in the calculator
Questions about home buying in Conway
What is the median home value in Conway?
About $425,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Conway?
Homeowners pay a median $2,765 a year, which is about 0.65% 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 Conway?
For the median home with 20% down at 7.11%, the payment is about $2,694 a month. Keeping that under 28% of gross income takes about $115,478 a year.
More about Conway
- Mortgage Refinance in Conway
- Debt Relief in Conway
- Home Equity Loans in Conway
- 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