# Washington State home buying: prices, the graduated REET and WSHFC help

> Washington mortgage numbers: a $602,200 median home, what a median income buys, the graduated real estate excise tax and WSHFC down payment help.

URL: https://mail.mortgage-math-us.com/location/washington/  
Last reviewed: 2026-10-29 · By the MortgageMath US Editorial team

## Quick answer

The median Washington home is worth $602,200 and costs about **$4,607 a month** with 10% down at the 7.24% national average rate — more than a median-income household can carry on Freddie Mac’s 30% guideline, which supports about $325,000. The state’s real estate excise tax is graduated, from 1.1% on the first $525,000 up to 3% at the top, and the seller usually pays it. Every Washington State Housing Finance Commission loan comes with down payment help; Home Advantage offers up to 5% of the loan amount.

## Key facts

| Fact | Value | Source | As of |
|---|---|---|---|
| Median home value in Washington | $602,200 | [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25077?g=040XX00US53) | 2024 ACS 1-year |
| Median household income | $99,389/yr | [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B19013?g=040XX00US53) | 2024 ACS 1-year |
| Effective property tax rate | 0.79% | [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=040XX00US53) | 2024 ACS 1-year |
| Median gross rent | $1,824/mo | [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25064?g=040XX00US53) | 2024 ACS 1-year |
| State REET on the first bracket of the price | 1.1% | [Washington Department of Revenue](https://dor.wa.gov/taxes-rates/other-taxes/real-estate-excise-tax) | Oct 28, 2026 |
| State REET, top bracket | 3% | [Washington Department of Revenue: Real estate excise tax](https://dor.wa.gov/taxes-rates/other-taxes/real-estate-excise-tax) | Oct 29, 2026 |
| WSHFC Home Advantage help, up to (share of loan) | 5% | [Washington State Housing Finance Commission: Home buyers](https://heretohome.org/home-buyers/) | Oct 29, 2026 |
| Home Advantage income limit | $215,000 | [Washington State Housing Finance Commission: Home buyers](https://heretohome.org/home-buyers/) | Oct 29, 2026 |

## What a Washington paycheck buys

Washington’s median home value is the 5th-highest among the 50 states and DC. The median household earns $99,389, above the national median, and the median home costs 6.1 times that income — the 4th-highest ratio in the country, against 4.4 for the US.

Freddie Mac suggests keeping housing costs under 30% of gross income. On Washington’s median income that is $2,485 a month, which supports a home of about **$325,000** with 10% down at today’s average rate — $277,200 below the median value, or 54% of it. Buying the median home within the guideline takes about $184,000 a year. Enter your own income and debts in the [affordability calculator](https://mail.mortgage-math-us.com/tools/affordability-calculator/?state=WA&income=99389).

## The monthly cost of the median Washington home

> **Worked example: $602,200 home (Washington median value), 10% down, 30-year fixed at 7.24%**
>
> | Part of the payment | Monthly |
> |---|---:|
> | Principal and interest on $541,980 | $3,694 |
> | Property tax at 0.79% a year | $396 |
> | Homeowners insurance at $4.90 per $1,000 of value (national average) | $246 |
> | PMI (midpoint of Freddie Mac’s range) | $271 |
> | **Total** | **$4,607** |

The down payment alone is $60,220 at 10%. Earthquake coverage is not part of a standard homeowners policy, so if you want it, price it separately. Adjust the inputs in the [mortgage payment calculator](https://mail.mortgage-math-us.com/tools/mortgage-payment-calculator/?price=602000&down=10&tax=0.79&state=WA).

## Washington’s graduated real estate excise tax

Washington’s Department of Revenue applies a graduated rate to the state portion of the real estate excise tax (REET). Each rate applies only to the slice of the price inside its bracket:

| Part of the selling price | State REET rate |
|---|---:|
| Up to $525,000 | 1.1% |
| Above that, up to $1,525,000 | 1.28% |
| Above that, up to $3,025,000 | 2.75% |
| Above $3,025,000 | 3% |

> **Worked example: State REET at three prices**
>
> | Price | State REET |
> |---|---:|
> | $325,000 (what the median income supports) | $3,575 |
> | $602,200 (Washington median value) | $6,763 |
> | $950,800 (Seattle median value) | $11,225 |
> 
> At the Seattle median the state tax averages 1.18% of the price. Local REET charged by the city or county is added on top.

The Department says the seller usually pays REET; if the seller doesn’t, the buyer becomes responsible. As a buyer, you’ll meet it again when you sell. The brackets change on January 1, 2027, when the first threshold rises to $551,000, with the others moving up by the same amount. Washington has no separate state tax on recording the mortgage. Typical closing costs otherwise run 2%–5% of the price ($12,044–$30,110 on the median home); the [closing cost calculator](https://mail.mortgage-math-us.com/tools/closing-cost-calculator/?state=WA&price=602000) applies the graduated schedule.

## WSHFC Home Advantage and House Key Opportunity

The Washington State Housing Finance Commission lends through participating lenders, and every Commission home loan includes down payment assistance as a second loan. Most of that assistance is payment-deferred: nothing is due until you sell, refinance, move out or pay off the first mortgage.

| Program | Assistance | Who qualifies |
|---|---|---|
| Home Advantage | 3%–5% of the mortgage loan amount | Household income up to $215,000 statewide; first-time buyer status not required |
| House Key Opportunity | Deferred second loan; amount varies | First-time buyers, unless buying in a target area or an honorably discharged veteran; county income and price limits |

On the median home with 10% down, the top Home Advantage amount would be about $27,099. Assistance doesn’t lower the price, so the payment-to-income math above still applies; it helps with the cash to close. See [first-time home buyer programs](https://mail.mortgage-math-us.com/first-time-buyers/programs/) for how state programs compare.

## Property tax and no state income tax

Washington’s effective property tax rate is 0.79%, below the national 0.89% and the 23rd-highest among the 50 states and DC. In dollars, the median homeowner pays $4,729 a year, the 10th-highest amount in the country. Washington doesn’t tax wages and salaries. Lenders qualify you on gross income either way, but the absence of a state income tax leaves more take-home pay for the mortgage than the same salary would in a state that has one.

## Seattle and the rest of Washington

The City of Seattle’s median home value of $950,800 is 1.6 times the state median, and its median household earns $118,745. Renting is more common in the city: 41.9% of Seattle homes are owner-occupied, against 62.9% statewide — and the state’s owner share is itself smaller than the national 65.3%. For city numbers and programs, see the [Seattle housing guide](https://mail.mortgage-math-us.com/location/seattle-wa/). If you’re weighing whether to keep renting, the [rent vs buy calculator](https://mail.mortgage-math-us.com/tools/rent-vs-buy-calculator/?state=WA&price=602000&rent=1824) opens with Washington’s median price and rent of $1,824/mo.

## Frequently asked questions

### How much is the real estate excise tax in Washington?

The state REET is graduated: 1.1% on the part of the price up to $525,000, rising to 3% on the part above $3,025,000. On the median $602,200 home the state portion is about $6,763, plus any local REET.

### Who pays REET in Washington?

The Department of Revenue says the seller usually pays the real estate excise tax. If the seller doesn’t pay it, the buyer is responsible.

### Are Washington’s REET brackets changing?

Yes. From January 1, 2027, the first bracket rises to $551,000, and the higher thresholds move up as well; the rates stay the same.

### What is the property tax rate in Washington?

Census data put the median Washington homeowner’s bill at $4,729 a year, an effective rate of about 0.79% of home value against 0.89% nationally.

### Does Washington have down payment assistance?

Yes. Every Washington State Housing Finance Commission home loan includes down payment assistance as a second loan. Home Advantage offers 3%–5% of the mortgage loan amount for households earning up to $215,000, with no first-time buyer requirement.

### How much income do I need to buy a house in Washington?

About $184,000 a year to keep the median home with 10% down under 30% of gross income at today’s average rate. The median Washington household earns $99,389.

## Sources

- [Freddie Mac Primary Mortgage Market Survey](https://www.freddiemac.com/pmms) — 30-year fixed rate, national weekly average (Week of Oct 29, 2026)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25077?g=040XX00US53) — Median value of owner-occupied homes (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B19013?g=040XX00US53) — Median household income (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=040XX00US53) — Effective property tax rate (median taxes ÷ median home value); Median real estate taxes paid by homeowners (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25064?g=040XX00US53) — Median gross rent (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25077?g=010XX00US) — Median value of owner-occupied homes (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B19013?g=010XX00US) — Median household income (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=010XX00US) — Effective property tax rate (median taxes ÷ median home value) (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25077?g=160XX00US5363000) — Median value of owner-occupied homes (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B19013?g=160XX00US5363000) — Median household income (2024 ACS 1-year)
- [Freddie Mac Research](https://www.freddiemac.com/research/insight/homeowners-insurance-costs) — Average homeowners insurance premium per $1,000 of home value (2023 data)
- [Freddie Mac My Home](https://myhome.freddiemac.com/buying/breaking-down-pmi) — Typical PMI cost, low end; Typical PMI cost, high end (Oct 28, 2026)
- [Freddie Mac My Home](https://myhome.freddiemac.com/blog/homebuying/how-much-can-you-afford) — Freddie Mac guidance: housing costs below this share of gross income (Jan 22, 2026)
- [Washington Department of Revenue: Real estate excise tax](https://dor.wa.gov/taxes-rates/other-taxes/real-estate-excise-tax) — Washington state REET: 1.1% bracket applies to the part of the price up to; State real estate transfer tax; Washington state REET: 1.28% bracket ends at (Oct 29, 2026)
- [CFPB](https://www.consumerfinance.gov/owning-a-home/prepare/figure-out-how-much-you-want-to-spend/) — Typical closing costs, low end (share of purchase price); Typical closing costs, high end (share of purchase price) (Oct 28, 2026)
- [Washington State Housing Finance Commission: Home buyers](https://heretohome.org/home-buyers/) — WSHFC Home Advantage down payment assistance, up to (share of the mortgage loan amount); WSHFC Home Advantage down payment assistance, from (share of the mortgage loan amount); WSHFC Home Advantage household income limit (statewide) (Oct 29, 2026)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25003?g=160XX00US5363000) — Share of occupied homes lived in by their owners (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25003?g=040XX00US53) — Share of occupied homes lived in by their owners (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25003?g=010XX00US) — Share of occupied homes lived in by their owners (2024 ACS 1-year)
- [Washington Department of Revenue: Real estate excise tax](https://dor.wa.gov/taxes-rates/other-taxes/real-estate-excise-tax)
- [Washington State Housing Finance Commission: Home buyers](https://heretohome.org/home-buyers/)

_General information, not financial advice._