Income needed to buy a house in Washington
A median-priced home in Washington costs $602,200. With 20% down you'd need about $158,207 a year, $58,818 more than the state's median household income of $99,389. Washington ranks #47 of 51 for the lowest income needed.
Income needed: $158,207 a year
Defaults: state median home value and property tax (Census ACS 2024), median homeowners insurance paid by owners with a mortgage (Census ACS 2024; quotes vary by home and ZIP code), 30-year rate 6.95% (Freddie Mac, week of 2026-09-17).
You'd need a household income of about $158,207 a year to buy a $602,200 home in Washington with $120,440 down.
Based on lenders' 28/36 rule: housing costs under 28% of gross income, all debt under 36%.
| Monthly cost | Amount |
|---|---|
| Principal & interest | $3,189 |
| Property tax | $394 |
| Homeowners insurance | $108 |
| Total | $3,692 |
Monthly cost by down payment
| Down payment | Cash down | Monthly cost | Income needed |
|---|---|---|---|
| 5% | $30,110 | $4,528 | $194,049 |
| 10% | $60,220 | $4,316 | $184,969 |
| 20% | $120,440 | $3,692 | $158,207 |
Under 20% down includes estimated private mortgage insurance of 0.5% of the loan per year.
Buying in Washington: what's different
- Transfer tax
- 1.1%–3% excise tax
- On the median home
- $6,760
- Homestead break
- None (61+ income-limited)
- First-time buyer help
- Washington State Housing Finance Commission
- Transfer and recording taxes. The real estate excise tax is graduated: 1.1% of the price up to $525,000, 1.28% up to $1,525,000, 2.75% up to $3,025,000 and 3% above that, plus a local rate. The seller usually pays, and the brackets rise on January 1, 2027. On the median Washington home ($602,200), that's about $6,760 in state excise tax.
- Property tax breaks for your home. There's no general homestead exemption. Owners 61 and older, or unable to work because of a disability, with income under their county's limit can get a property tax exemption.
- First-time buyer help. The Washington State Housing Finance Commission offers Home Advantage through participating lenders. Check its site for income and price limits.
Checked against official sources on September 25, 2026. Local transfer taxes and exemptions vary, so confirm with the county before you close.
Home prices in the Washington metro areas we cover
| Metro area | Income needed | Median home value | Median household income |
|---|---|---|---|
| Seattle, WA | $195,752 | $743,000 | $112,388 |
| Spokane, WA | $115,662 | $434,300 | $84,350 |
| Portland, OR (21% in WA) | $154,205 | $584,800 | $98,994 |
| Olympia, WA | $139,046 | $525,500 | $98,264 |
| Bremerton, WA | $152,033 | $579,700 | $109,052 |
With 20% down, the median home takes about $115,662 a year in the Spokane area and $195,752 in the Seattle area, compared with $158,207 for the statewide median.
Metro medians from Census ACS 2024 cover the whole metro area, including any part in a neighboring state. The metro area centered in Oregon is included because many of its residents live in Washington; the share in the state is in parentheses. Rows are ordered by how many residents live in Washington. Income needed: 20% down at 6.95%, the metro's median property tax and its main state's median homeowners insurance for homes with a mortgage (Census ACS 2024), under the 28% rule.
What makes owning in Washington more expensive than most states
- Home prices: the median value of $602,200 is 67% above the U.S. median of $360,600.
- Property tax: about 0.79% of value a year ($394 a month on the median home).
- Insurance: owners with a mortgage paid a median $1,301 a year for homeowners insurance in 2024 (Census ACS). Premiums have risen in most states since then, and they vary a lot by home and ZIP code, so get quotes.
- Mortgage rate: each 1-point rise in rates adds roughly $329 a month on this loan.
39 states need at least 20% less income to buy their median home. States with a similar income requirement:
- Massachusetts $165,477
- New Jersey $150,876
- Colorado $148,554
- Utah $137,189
- New Hampshire $132,355
- Oregon $130,842
Frequently asked questions
How much do you need to make to buy a house in Washington?
About $158,207 a year for the median home of $602,200 with 20% down at 6.95%. With 10% down it's about $184,969.
What is the property tax rate in Washington?
The median Washington homeowner pays $4,729 a year, about 0.79% of the median home value (Census ACS 2024). Rates vary by county and city.
Is it cheaper to rent or buy in Washington?
Median rent is $1,824 a month, while owning the median home costs about $3,692 a month with 20% down, before maintenance. Renting affordably takes about $72,960 a year under the 30% rule.