Cost of Living in Free Soil: What Salary Do You Need to Buy a Home?
Real numbers from this area's median sale price, property taxes, and household income — calculated at today's mortgage rate.
To buy a median-priced Free Soil home (around $211,950) at today's 6.66% 30-year fixed rate with 20% down, you'd need roughly $38k/year in household income to qualify — an estimated monthly payment of $1,429 (principal, interest, property tax est., and insurance).
| Down payment | Monthly payment | Income needed |
|---|---|---|
| 20% | $1,429/mo | $38,100 |
| 10% (+PMI) | $1,644/mo | $43,852 |
| 5% (+PMI) | $1,717/mo | $45,786 |
Estimates use a 6.66% 30-year fixed rate (current Freddie Mac average), an aggressive ~45% housing-to-income ratio (roughly what FHA underwriting can allow for a buyer with no other monthly debts — your number depends on your debts and credit), this area's median sale price, plus estimated insurance and PMI below 20% down. Not a commitment to lend, and not an APR — your actual rate and payment will vary.
Rent vs. buy in Free Soil
Census tract estimateOwning and renting cost about the same in Free Soil — roughly $1,429/mo to own the median home, against a typical rent of about $1,350/mo. The $79/mo difference is inside what these estimates can actually resolve.
| Monthly cost | Estimate |
|---|---|
| Rent, typical | $1,350/moroughly $1,175 – $1,500 |
| Own, 20% down | $1,429/mo |
By bedroom — raw Census medians for current renters, not adjusted to today’s asking rents:
Estimate (2023 ACS 5-year data), based on Census tract data, widened until there were enough renting households to measure, so it describes a larger area than Free Soil alone. Adjusted toward what is being asked today using HUD Fair Market Rents, because the Census figure counts every household already renting — including long-tenured ones paying below current market. Rent figures are rounded to the nearest $25 — the underlying estimates are not precise enough to read closer than that. The ownership figure is the monthly payment only: it excludes maintenance and closing costs, and it doesn't count the equity a payment builds. Renting has no down payment. Both are estimates, not quotes.
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