The typical owner-occupied home in Midwest is worth about $63,900, 79% below the Wyoming median of $309,700 and 81% below the national median of $332,700. Owners pay a median $455 a year in property taxes, about 0.71% of their home's value, higher than the Wyoming rate of 0.57%. The median household earns $77,800 a year, so the median home costs 0.8 times the median income (4.1 times for Wyoming). 90% of occupied homes here are lived in by their owners, and 17% of those owners still have a mortgage.
Midwest at a glance
| Midwest | Wyoming | U.S. | |
|---|---|---|---|
| Median home value | $63,900 | $309,700 | $332,700 |
| Median property tax paid per year | $455 | $1,767 | $3,119 |
| Property tax as a share of value | 0.71% | 0.57% | 0.94% |
| Median household income | $77,800 | $76,176 | $80,734 |
| Homes lived in by their owners | 90% | 72% | 65% |
| Owner homes with a mortgage | 17% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $868 | $1,754 | $1,963 |
| Those costs as a share of the owners' income | 14.4% | 21.0% | 21.0% |
| Median rent | $531 | $992 | $1,413 |
| Rent as a share of renters' income | 9.0% | 27.0% | 30.6% |
| Median year homes were built | 1938 | 1981 | 1980 |
| Vacant homes | 38.7% | 12.2% | 10.1% |
| Population | 267 | 582,397 | 334,922,499 |
What a typical home costs per month in Midwest
At this week's average 30-year rate of 7.11%, buying the median Midwest home of $63,900 with 20% down costs about $408 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $515, 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 $17,499 for the 20%-down payment. That payment is 6% of the median Midwest household income of $77,800; at that income and 20% down, the 28% guideline points to a home of about $284,000.
The median rent here is $531 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $12,780 |
|---|---|
| Loan amount | $51,120 |
| Principal and interest | $344 |
| Property taxes (0.71% a year) | $38 |
| Homeowners insurance (our estimate, 0.5% a year) | $27 |
| PMI | $0 |
| Total per month | $408 |
Change the numbers in the calculator
| Down payment | $2,236 |
|---|---|
| Loan amount | $62,743 |
| Principal and interest | $422 |
| Property taxes (0.71% a year) | $38 |
| Homeowners insurance (our estimate, 0.5% a year) | $27 |
| FHA mortgage insurance | $28 |
| Total per month | $515 |
Change the numbers in the calculator
Questions about home buying in Midwest
What is the median home value in Midwest?
About $63,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Midwest?
Homeowners pay a median $455 a year, which is about 0.71% 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 Midwest?
For the median home with 20% down at 7.11%, the payment is about $408 a month. Keeping that under 28% of gross income takes about $17,499 a year.
More about Midwest
- Mortgage Refinance in Midwest
- Debt Relief in Midwest
- Home Equity Loans in Midwest
- 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