Seattle Housing Market at a Glance
Median Home Price
$825,000
Median Monthly Rent
$2,500
Property Tax Rate
0.92%
Avg Home Insurance
$1,400/yr
Price-to-Rent Ratio: 27.5x (Lower ratios favor buying; higher ratios favor renting)
Seattle-Specific Insights
- → Washington has no state income tax, which reduces the value of mortgage interest deductions.
- → Tech-driven demand makes Seattle a landlord-friendly market; renting may offer more flexibility.
Run Your Seattle Scenario
Pre-filled with Seattle's median data. Adjust to your situation.
Open Calculator with Seattle Data →Key Factors for Seattle Buyers
1. Down Payment Requirements
With Seattle's median home price of $825,000, a 20% down payment is $165,000. Putting down less triggers PMI (typically 0.5–1.5% annually until you reach 20% equity).
2. Property Taxes
WA's property tax rate averages 0.92%, which translates to roughly $632.5/month on a median-priced home. This is below the national average.
3. Tax Deductions
Mortgage interest is deductible if you itemize (must exceed standard deduction: ~$14,600 single, ~$29,200 married in 2025). With no state income tax in WA, the federal mortgage interest deduction is your primary tax benefit.
4. Opportunity Cost
If you rent and invest your down payment instead (e.g., S&P 500 averaging ~10% annually), you build wealth differently. The calculator models this trade-off month-by-month to find your break-even point.