Median home: $595,000 | Mortgage rate: 6.9% | Property tax: 0.87% | Insurance: $1,400/yr
Washington is a booming Pacific Northwest state with no income tax. With a median home price of $595,000 and mortgage rates averaging 6.9%, understanding what you can afford before house hunting is essential.
The 28/36 rule is the gold standard: spend no more than 28% of gross income on housing and no more than 36% on total debt. In Washington, with a property tax rate of 0.87% and average insurance of $1,400/year, these costs add significantly to your monthly payment beyond just principal and interest.
A 20% down payment on the median Washington home requires $119,000. FHA loans with 3.5% down need just $20,825, but you will pay mortgage insurance. Washington limits annual property tax levy increases to 1% without voter approval.
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Based on the 28/36 rule, your total housing payment should not exceed 28% of gross monthly income, and total debts should stay under 36%. In Washington, with median home prices at $595,000, you typically need a household income of at least $595,000 to afford the median home.
To afford the median Washington home at $595,000 with 20% down at 6.9% interest, you need approximately $134,354 annual household income. This is based on the 28% housing cost guideline.
The median home price in Washington is approximately $595,000 as of 2026. Prices vary significantly by city and county. Washington is a booming Pacific Northwest state with no income tax.
A 20% down payment on the median Washington home ($595,000) is $119,000. FHA loans allow 3.5% down ($20,825) and VA loans offer 0% down for eligible veterans.
Washington has a property tax rate of 0.87%, which is near the national average. On the median home, that is $5,177/year. Washington limits annual property tax levy increases to 1% without voter approval.