When it comes to homeownership rate, Washington experienced a slight decrease in 2021 — going from 64.1% in 2020 to 63.4% in 2021. The median home value in the state is $393,800, and the average outstanding mortgage balance is $263,681.
Washington has the fourth most expensive average monthly mortgage payment in the country at $1,459 — Washington homeowners pay around $300 more than the national average.
However, your actual home loan costs may change based on your unique situation. You can use MoneyGeek’s Washington mortgage calculator to estimate how much you can expect to pay for a mortgage in the state, considering your loan amount, interest rate, term, and more, and how adjusting one or more of these factors may be better for your budget.
This guide also helps you determine what you can do to lower your monthly payments and the steps to follow when you’re ready to get a mortgage.