# Buying a home in Seattle: payments, excise tax and city down payment loans

> Seattle mortgage numbers: a $951,000 median home, what the median income buys, state and city excise tax, and Office of Housing loans.

URL: https://mortgage-math-us.com/location/seattle-wa/  
Last reviewed: 2026-10-29 · By the MortgageMath US Editorial team

## Quick answer

The median owner-occupied home in Seattle is worth $950,800. With 10% down at the 7.24% national average rate, it costs about **$7,274 a month**, while the median household income of $118,745 supports a price of about $388,000 under Freddie Mac’s guideline. Sellers usually pay Washington’s graduated real estate excise tax plus Seattle’s 0.5% local share, and the City’s Office of Housing offers income-eligible first-time buyers up to **$76,000**.

## Key facts

| Fact | Value | Source | As of |
|---|---|---|---|
| Median home value, Seattle | $950,800 | [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25077?g=160XX00US5363000) | 2024 ACS 1-year |
| Median household income | $118,745/yr | [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B19013?g=160XX00US5363000) | 2024 ACS 1-year |
| Median property tax paid | $7,503/yr | [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=160XX00US5363000) | 2024 ACS 1-year |
| Homes lived in by their owners | 41.9% | [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25003?g=160XX00US5363000) | 2024 ACS 1-year |
| Seattle local excise tax | 0.5% | [Washington Department of Revenue: Local REET rates (May 1, 2026)](https://dor.wa.gov/sites/default/files/2026-03/84-0013-May26_REET.pdf) | May 1, 2026 |
| Office of Housing help, up to | $76,000 | [City of Seattle Office of Housing: Buy a Home](https://www.seattle.gov/housing/renters/buy-a-home) | Oct 29, 2026 |

## Seattle’s incomes and prices

Seattle has the highest median household income among the 20 large cities we cover and the second-highest median home value. Most Seattle households rent: 41.9% of occupied homes are owner-occupied, compared with 62.9% statewide. The price-to-income ratio of 8.0 is higher than the national 4.4, so higher incomes don’t close the gap.

*City of Seattle compared with Washington and the US (Census ACS 2024 1-year)*

| | Seattle | Washington | United States |
|---|---:|---:|---:|
| Median home value | $950,800 | $602,200 | $360,600 |
| Median household income | $118,745 | $99,389 | $81,604 |
| Home value ÷ income | 8.0× | 6.1× | 4.4× |
| Effective property tax rate | 0.79% | 0.79% | 0.89% |
| Median property tax paid | $7,503 | $4,729 | $3,211 |
| Median owner costs with a mortgage | $3,651/mo | $2,519/mo | $2,035/mo |
| Median gross rent | $2,007/mo | $1,824/mo | $1,487/mo |

The median owner pays the largest property tax bill of the group, and median owner costs with a mortgage are the highest.

## Two Seattle payments: the median home and the affordable one

> **Worked example: 10% down, 30-year fixed at 7.24%**
>
> | Part of the payment | Median home ($950,800) | What the median income supports ($388,000) |
> |---|---:|---:|
> | Loan amount | $855,720 | $349,200 |
> | Principal and interest | $5,832 | $2,380 |
> | Property tax at 0.79% | $626 | $255 |
> | Insurance at $4.90 per $1,000 (national average) | $388 | $158 |
> | PMI | $428 | $175 |
> | **Total** | **$7,274** | **$2,968** |

The right-hand column is the price at which housing costs stay within Freddie Mac’s 30% guideline on the city’s median income. Paying for the median home inside the same guideline takes about $291,000 a year. Ways to close that gap include a condo or townhome, a second income or a larger down payment; test the trade-offs in the [affordability calculator](https://mortgage-math-us.com/tools/affordability-calculator/?state=WA&income=118745) and the [payment calculator](https://mortgage-math-us.com/tools/mortgage-payment-calculator/?price=951000&down=10&tax=0.79&state=WA).

## Seattle’s real estate excise tax: state tiers plus the city’s share

Washington charges a graduated real estate excise tax (REET) on the price — 1.1% on the first tier and higher rates above it — and each city adds a local rate. Seattle’s local rate is 0.5%. The Department of Revenue says the seller usually pays, but the buyer is responsible if the seller doesn’t.

> **Worked example: REET on a Seattle sale**
>
> | | Median home ($950,800) | Price the median income supports ($388,000) |
> |---|---:|---:|
> | State graduated REET | $11,225 | $4,268 |
> | Seattle local REET (0.5%) | $4,754 | $1,940 |
> | **Total** | **$15,979** | **$6,208** |

On the median home that is 1.68% of the price. The state tiers adjust every four years, with new thresholds starting January 1, 2027. Estimate the rest of your closing bill in the [closing cost calculator](https://mortgage-math-us.com/tools/closing-cost-calculator/?state=WA&price=950800).

## Seattle loans and the conforming limit

A 10% down payment on the median Seattle home leaves a $855,720 loan, $22,970 above the 2026 national baseline conforming limit of $832,750. With 10% down, prices up to about $925,000 stay under the baseline. Above it, whether a loan is conforming depends on King County’s 2026 limit, which can be no higher than the $1,249,125 ceiling; look it up on FHFA’s map before you choose between a conforming and a [jumbo loan](https://mortgage-math-us.com/loan-types/jumbo-loans/).

## Office of Housing down payment loans

The City of Seattle’s Office of Housing funds down payment assistance of up to $76,000 per household, delivered through nonprofit partners that set their own loan terms. To qualify you must:

- Earn less than 80% of area median income for your household size.
- Be a first-time buyer, or not have owned a home in the past 3 years.
- Buy a principal residence inside Seattle city limits.
- Complete a City-approved pre-purchase education class and one-on-one counseling.

At the price the median income supports, the maximum would cover about 20% of the price. The City notes that its former Seattle Downpayment Assistance Program through the Washington State Housing Finance Commission is no longer available, so start with the Office of Housing’s current partner list. Statewide programs are on the [Washington guide](https://mortgage-math-us.com/location/washington/).

Seattle sits in an active earthquake zone, and standard homeowners policies generally exclude quake damage, so price a separate earthquake policy — especially for older unreinforced homes. Compare Seattle with [Denver](https://mortgage-math-us.com/location/denver-co/) and [Los Angeles](https://mortgage-math-us.com/location/los-angeles-ca/), or check the [rent vs buy calculator](https://mortgage-math-us.com/tools/rent-vs-buy-calculator/?state=WA&price=951000&rent=2007&tax=0.79) against the median rent of $2,007/mo.

## Frequently asked questions

### How much is the real estate excise tax in Seattle?

Washington’s state REET is graduated, starting at 1.1% on the first tier, and Seattle adds a local 0.5%. On the median-priced home the two come to about $15,979. The seller usually pays.

### What is the median home price in Seattle?

The 2024 American Community Survey puts the median value of owner-occupied homes in Seattle at $950,800, compared with $602,200 for Washington and $360,600 nationally.

### How much income do you need to buy a house in Seattle?

To keep the $7,274 monthly cost of the median home with 10% down under 30% of gross income, you would need about $291,000 a year with no other large debts. The median Seattle household earns $118,745.

### Does Seattle have down payment assistance?

Yes. The Office of Housing funds up to $76,000 per household for first-time buyers earning under 80% of area median income, through nonprofit partners. The older WSHFC-run Seattle program is no longer available.

### What is the property tax rate in Seattle?

Census figures put the median Seattle owner’s bill at $7,503 a year, an effective rate of about 0.79% of value, about the same as the 0.79% statewide ratio.

### Is a Seattle mortgage a jumbo loan?

It depends on the loan size. Loans above the $832,750 baseline can still be conforming if King County’s 2026 limit is higher; check FHFA’s conforming loan limit map for the current figure.

## Sources

- [Freddie Mac Primary Mortgage Market Survey](https://www.freddiemac.com/pmms) — 30-year fixed rate, national weekly average (Week of Oct 29, 2026)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25077?g=160XX00US5363000) — Median value of owner-occupied homes (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B19013?g=160XX00US5363000) — Median household income (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=160XX00US5363000) — Effective property tax rate (median taxes ÷ median home value); Median real estate taxes paid by homeowners (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25064?g=160XX00US5363000) — Median gross rent (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25003?g=160XX00US5363000) — Share of occupied homes lived in by their owners (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25077?g=040XX00US53) — Median value of owner-occupied homes (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B19013?g=040XX00US53) — Median household income (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25077?g=010XX00US) — Median value of owner-occupied homes (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B19013?g=010XX00US) — Median household income (2024 ACS 1-year)
- [Freddie Mac Research](https://www.freddiemac.com/research/insight/homeowners-insurance-costs) — Average homeowners insurance premium per $1,000 of home value (2023 data)
- [Freddie Mac My Home](https://myhome.freddiemac.com/buying/breaking-down-pmi) — Typical PMI cost, low end; Typical PMI cost, high end (Oct 28, 2026)
- [Freddie Mac My Home](https://myhome.freddiemac.com/blog/homebuying/how-much-can-you-afford) — Freddie Mac guidance: housing costs below this share of gross income (Jan 22, 2026)
- [Washington Department of Revenue: Local REET rates (May 1, 2026)](https://dor.wa.gov/sites/default/files/2026-03/84-0013-May26_REET.pdf) — Seattle local real estate excise tax, added to the state REET (May 1, 2026)
- [FHFA](https://www.fhfa.gov/news/news-release/fhfa-announces-conforming-loan-limit-values-for-2026) — 2026 baseline conforming loan limit (one-unit); 2026 high-cost area conforming ceiling (one-unit) (2026 limit)
- [City of Seattle Office of Housing: Buy a Home](https://www.seattle.gov/housing/renters/buy-a-home) — City of Seattle Office of Housing down payment assistance, up to (per household); Seattle down payment assistance income limit (share of area median income) (Oct 29, 2026)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25003?g=040XX00US53) — Share of occupied homes lived in by their owners (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=040XX00US53) — Effective property tax rate (median taxes ÷ median home value); Median real estate taxes paid by homeowners (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25103?g=010XX00US) — Effective property tax rate (median taxes ÷ median home value); Median real estate taxes paid by homeowners (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25088?g=160XX00US5363000) — Median monthly owner costs, homes with a mortgage (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25088?g=040XX00US53) — Median monthly owner costs, homes with a mortgage (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25088?g=010XX00US) — Median monthly owner costs, homes with a mortgage (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25064?g=040XX00US53) — Median gross rent (2024 ACS 1-year)
- [US Census Bureau, American Community Survey 2024 1-year](https://data.census.gov/table/ACSDT1Y2024.B25064?g=010XX00US) — Median gross rent (2024 ACS 1-year)
- [Washington Department of Revenue](https://dor.wa.gov/taxes-rates/other-taxes/real-estate-excise-tax) — State real estate transfer tax (Oct 28, 2026)
- [42 U.S.C. 12704(14)](https://www.law.cornell.edu/uscode/text/42/12704) — First-time homebuyer: has not owned a home in the past (HUD/HOME statute) (Oct 28, 2026)
- [City of Seattle Office of Housing: Buy a Home](https://www.seattle.gov/housing/renters/buy-a-home)
- [Washington Department of Revenue: Real estate excise tax](https://dor.wa.gov/taxes-rates/other-taxes/real-estate-excise-tax)
- [FHFA: Conforming Loan Limit Values](https://www.fhfa.gov/data/conforming-loan-limit)

_General information, not financial advice._