Cost of Buying a House in Seattle: A Budget Guide

The Census Bureau's 2020–2024 estimates put the median value of an owner-occupied home in Seattle at $938,600, and a down payment and closing costs come on top of that. Below, that benchmark is turned into estimates for cash to close and the monthly payment, and every projected number is labeled as an estimate.

The Short Answer: What It Costs to Buy a House in Seattle

These are the dated benchmarks used throughout this guide:

• Median owner costs: $3,505 per month for Seattle housing units with a mortgage (ACS 2020–2024 5-year estimates).
• Median real estate taxes paid: $7,337 per year in the same Census data.
• Median household income: $123,860, in 2024 inflation-adjusted dollars.
• Closing costs: typically 2% to 5% of the purchase price, not including the down payment, according to the CFPB.

Treat these as benchmarks, not a quote for any specific home. Home value and owner costs describe Seattle owners as a group, so your own numbers will depend on the price, loan and property you choose.

Upfront Cash: Down Payment and Cash to Close

Cash to close is the down payment plus closing costs, minus any credits. FHA loans require as little as 3.5% down, while a down payment below 20% of the target price likely means paying for mortgage insurance.

To see how the formula works, one calculator example shows a $400,000 home with $80,000 down. It has closing costs of about $12,654.79 and needs about $92,654.79 in cash to close, and the source notes that fees vary by state, lender and home.

Example: Say you buy at $938,600 (the Census median value, used here as a stand-in price), with closing costs at the low end (2%) and high end (5%) of the CFPB range and no credits.

Down payment	Down payment amount	Closing costs (2%–5%)	Estimated cash to close
3.5%	$32,851	$18,772–$46,930	$51,623–$79,781
10%	$93,860	$18,772–$46,930	$112,632–$140,790
20%	$187,720	$18,772–$46,930	$206,492–$234,650

These totals leave out moving costs, any cash reserves you want to keep and other personal expenses. Once you have a lender, ask for the Loan Estimate to replace the range with real figures.

Closing Costs: What They Include and What They Typically Run

Closing costs are a bundle of smaller charges. Here are the common pieces:

• Total range: typically 2% to 5% of the purchase price, not counting the down payment.
• Prepaid items: common closing costs include prepaid expenses such as property taxes, homeowners insurance and interest until the first payment is due.
• Appraisal: the National Association of Realtors says the typical appraisal fee was $500 in both 2022 and 2023. Treat this as a general figure, not a Seattle quote.
• Home inspection: inspections cost around $300 to $500. This is also a general figure, not a Seattle quote.
• Origination fee: typically 0.50% to 1% of the loan amount, and it can be negotiated.
• Total loan costs: in 2022, the median amount borrowers paid in total loan costs and fees was nearly $6,000, according to the CFPB.

Example: On the 20%-down loan above ($750,880), an origination fee of 0.50% to 1% would be about $3,754 to $7,509.

Lenders must give you the Closing Disclosure at least three business days before closing. Compare it line by line with your Loan Estimate so nothing surprising shows up at the table.

Our sources do not include verified figures for Washington-specific items such as transfer taxes or title and escrow fees. Ask your lender and the escrow or title company for an itemized estimate early in the process.

Monthly Payment: Principal, Interest, Taxes and Insurance

The CFPB says the total monthly home payment includes principal, interest, property taxes, mortgage insurance and homeowner's insurance. A rate-based estimate shows how much of that is just the loan.

The Freddie Mac 30-year fixed mortgage rate average was 7.24% for the week of October 29, 2026. Rates change weekly and this guide makes no forecast, so check a current rate before you rely on these numbers.

Example: Using M = P·r(1+r)^n / ((1+r)^n − 1) with r = 0.0724 / 12 ≈ 0.006033, n = 360 months and (1+r)^n ≈ 8.719, on the $938,600 price:

Down payment	Loan amount	Principal and interest	Median property tax (÷12)	Subtotal
3.5%	$905,749	about $6,173	about $611	about $6,784
10%	$844,740	about $5,757	about $611	about $6,368
20%	$750,880	about $5,117	about $611	about $5,728

The tax column spreads the $7,337 Census median over 12 months, so it is a stand-in, not a bill for a particular home. Mortgage insurance, homeowner's insurance and HOA dues are not included, so get quotes for each.

The 3.5% row uses the same average rate as the other rows, so treat it as a rough stand-in. If you are considering an FHA loan, ask a lender for loan-specific rates and insurance costs.

The 30-year fixed average was 7.03% for the week of September 24, 2026, lower than the 7.24% of October 29, 2026. In the same example, the 20%-down loan at 7.03% works out to about $5,011 a month, roughly $106 less in principal and interest.

The Census median owner cost of $3,505 per month is for Seattle housing units with a mortgage. It describes owners in general, so it is not a quote for a new loan today. To test your own numbers, try the mortgage calculator.

Property Tax and Insurance: What to Budget Each Year

In the Census data, median real estate taxes paid in Seattle were $7,337 per year. That works out to roughly $611 a month, but the tax on a specific home depends on its assessment and local levies, and our sources do not include verified details on King County's assessment methods.

Insurance is a separate line item. Homeowner's insurance generally does not cover floods.

Our sources also have no verified Washington premium figures, so it helps to request insurance quotes before you make an offer. Ask whether the property sits in a flood hazard area, and ask your lender what coverage it will require.

Can You Afford It? Income Compared With Ownership Costs

Seattle's median household income was $123,860, which is about $10,322 a month when divided by 12. Setting that next to the other Census medians gives a rough sense of the gap.

Comparison	Result
Median owner costs ($3,505) vs. monthly equivalent of median income	about 34%
Median home value ($938,600) vs. median household income	about 7.6 times
Example principal, interest and median tax, 20% down	about 55% of that monthly figure
Example principal, interest and median tax, 10% down	about 62%
Example principal, interest and median tax, 3.5% down	about 66%

These ratios mix medians from different groups, and the example rows leave out insurance and HOA dues, so they are not qualification rules. Lenders set their own standards, so a preapproval conversation is the best way to learn what you can borrow.

Ongoing Costs Checklist: HOA, Utilities, Maintenance and More

The CFPB advises budgeting for maintenance, repairs and utilities. Use this checklist to build your own monthly total:

• Principal and interest (from your Loan Estimate)
• Property taxes (monthly share of the annual bill)
• Homeowner's insurance (from quotes)
• Mortgage insurance, if your down payment is under 20%
• Flood insurance, if the home needs it
• HOA fees, plus a question about any special assessments
• Utilities (ask the seller for recent bills)
• Maintenance and repairs, including a cushion for first-year fixes
• Moving costs

Add the monthly items together, then set aside a repair amount you can sustain every month. Compare that total with your take-home pay, not just the lender's approval amount.

Related reading: Cost of Buying a House in Austin: A Budget Guide and Monthly Mortgage Payment on a $400K House.