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Washington state offers the same no-state-income-tax advantage as Texas and Florida, but with a property tax rate of 0.84% — considerably lower than Texas. On a $552,000 home with 20% down, your all-in monthly payment runs about $3,531: $2,974 in P&I, $387 in property tax, and roughly $170 in homeowners insurance.
The Seattle metro is where most buyers face sticker shock. Seattle and surrounding King County routinely see median prices above $750,000. Buyers who work in tech and are comparing renting versus owning need to run the full PITI number — and factor in that a $750,000 purchase at 20% down requires $150,000 cash at closing before you pay a single dollar toward closing costs.
Eastern Washington — Spokane, Tri-Cities, Yakima — is a completely different market. Median prices in Spokane run $350,000–380,000, with the same 0.84% tax rate. Your monthly payment drops to roughly $2,200 all-in. If remote work is an option, the geography makes a dramatic difference in what your dollar buys.
State-specific answers. No fluff.
On the Washington state median home price of $552,000 with 20% down and a 30-year loan at current rates, the monthly P&I is roughly $2,974. Add property tax at 0.84% ($387/month) and homeowners insurance (~$170/month) and your total PITI is approximately $3,531/month. Seattle-area buyers will see significantly higher numbers.
No. Washington has no personal state income tax, which is a meaningful advantage for high earners compared to states like California (13.3% top rate) or New York (10.9%). However, Washington does charge a Real Estate Excise Tax (REET) at closing — typically 1.28% to 3% of the sale price depending on the price tier.
Washington charges a graduated REET paid by the seller (though it can factor into negotiations). As of 2020, the rate is 1.1% on the first $525,000, 1.28% on $525,001–$1.525M, 2.75% on $1.525M–$3.025M, and 3.0% above $3.025M. On a $552,000 sale, the REET is approximately $6,400.
Conventional loans require 620+ (740+ for best rates). FHA loans accept 580 with 3.5% down. Washington State Housing Finance Commission (WSHFC) offers programs for first-time buyers including income-based down payment assistance. In the competitive Seattle market, strong credit and pre-approval before searching is effectively non-negotiable.
Dramatically. Seattle median: $750,000+. Spokane median: $360,000. At 20% down, the monthly PITI difference is roughly $2,100/month ($4,500 Seattle vs $2,400 Spokane). For buyers with remote work flexibility, Eastern Washington offers the same no-income-tax benefit at a fraction of the housing cost.
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