Buying a Home in Washington: What You Need to Know
If you're considering buying a home in Washington, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Washington homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Washington-specific data to give you accurate monthly payment estimates.
Washington Property Taxes
Washington has an effective property tax rate of 0.75%, ranking #29 out of 50 states (where #1 is the highest). On a median-priced home of $630,000, you'd pay approximately $4,725 per year in property taxes, or about $394/month.
Washington's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Washington Homeowners Insurance
The average annual homeowners insurance premium in Washington is $1,539 for $300,000 in dwelling coverage, or about $128/month.
Washington's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
Washington Closing Costs
Closing costs in Washington average 1.01% of the home's purchase price. On a $630,000 home, that's approximately $6,363. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Washington Housing Market
The median home price in Washington is $630,000. This is significantly above the national median of approximately $410,000, making Washington one of the more expensive states for homebuyers. However, strong job markets and quality of life often justify the premium.
More Washington Mortgage Tools
Use these additional calculators to plan your Washington home purchase: