Estimated Monthly Payment — Median Washington Home
$3,857
Based on $560,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$560,000
Property Tax
0.98%
Avg. HOA
$275/mo
Median Rent
$1,800/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Washington housing market
Washington's housing market is above the national average, with a median home price around $560,000. Seattle is the largest metro, with Spokane a close second. Washington has no state income tax, and Seattle's tech sector — anchored by Amazon and Microsoft — has driven sustained home-price appreciation. Washington's effective property tax rate of 0.98% is near the national average.
The median Washington home costs $560,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $2,891, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $3,857. First-time buyers in Washington can explore programs through Washington HFA.
Photo by Thom Milkovic on Unsplash
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FAQ
Washington mortgage FAQs
What's the property tax rate in Washington?
Washington's effective property tax rate averages about 0.98% — near the national average. On a $560,000 home, that's roughly $457/month or $5,488/year.
How much do I need to earn to afford a typical Washington home?
Using the 28/36 rule, a buyer would need roughly $145,000–$185,000 in gross annual income to comfortably afford Washington's $560,000 median home with 20% down at current rates.
What first-time buyer programs are available in Washington?
WSHFC offers the Home Advantage program with up to 5% down payment assistance and the House Key program for moderate-income buyers with reduced rates. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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