The typical owner-occupied home in Solway is worth about $215,000, 35% below the Minnesota median of $329,300 and 35% below the national median of $332,700. Owners pay a median $1,218 a year in property taxes, about 0.57% of their home's value, lower than the Minnesota rate of 1.02%. The median household earns $96,250 a year, so the median home costs 2.2 times the median income (3.7 times for Minnesota). 93% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
Solway at a glance
| Solway | Minnesota | U.S. | |
|---|---|---|---|
| Median home value | $215,000 | $329,300 | $332,700 |
| Median property tax paid per year | $1,218 | $3,357 | $3,119 |
| Property tax as a share of value | 0.57% | 1.02% | 0.94% |
| Median household income | $96,250 | $89,062 | $80,734 |
| Homes lived in by their owners | 93% | 72% | 65% |
| Owner homes with a mortgage | 67% | 64% | 61% |
| Median monthly costs, owners with a mortgage | $1,363 | $1,947 | $1,963 |
| Those costs as a share of the owners' income | 12.9% | 19.7% | 21.0% |
| Median rent | – | $1,280 | $1,413 |
| Median year homes were built | 1974 | 1979 | 1980 |
| Vacant homes | 0.0% | 9.3% | 10.1% |
| Population | 117 | 5,739,445 | 334,922,499 |
What a typical home costs per month in Solway
At this week's average 30-year rate of 7.11%, buying the median Solway home of $215,000 with 20% down costs about $1,349 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,707, 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 $57,804 for the 20%-down payment. That payment is 17% of the median Solway household income of $96,250; at that income and 20% down, the 28% guideline points to a home of about $358,000.
| Down payment | $43,000 |
|---|---|
| Loan amount | $172,000 |
| Principal and interest | $1,157 |
| Property taxes (0.57% a year) | $102 |
| Homeowners insurance (our estimate, 0.5% a year) | $90 |
| PMI | $0 |
| Total per month | $1,349 |
Change the numbers in the calculator
| Down payment | $7,525 |
|---|---|
| Loan amount | $211,106 |
| Principal and interest | $1,420 |
| Property taxes (0.57% a year) | $102 |
| Homeowners insurance (our estimate, 0.5% a year) | $90 |
| FHA mortgage insurance | $95 |
| Total per month | $1,707 |
Change the numbers in the calculator
Questions about home buying in Solway
What is the median home value in Solway?
About $215,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Solway?
Homeowners pay a median $1,218 a year, which is about 0.57% 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 Solway?
For the median home with 20% down at 7.11%, the payment is about $1,349 a month. Keeping that under 28% of gross income takes about $57,804 a year.
More about Solway
- Mortgage Refinance in Solway
- Debt Relief in Solway
- Home Equity Loans in Solway
- 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