CALCMONEY // HOME AFFORDABILITY // DC // WASHINGTON
How much house can you afford in Washington? Based on local median home prices, current DC mortgage rates, and Washington property tax data.
$612,000
$3,700/mo
$158,566/yr
$304,208
Monthly housing costs of $3,700 represent 49.1% of Washington's median gross monthly income ($7,539/mo). At 49.1%, median-income buyers in Washington are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $612,000 |
| Down Payment (20%) | $122,400 |
| Loan Amount | $489,600 |
| Monthly PI Payment | $3,159 |
| Monthly Property Tax | $286 |
| Monthly Insurance Est. | $255 |
| Total Monthly PITI | $3,700 |
| Housing Cost % of Income | 49.1% |
| Required Income (28% rule) | $158,566/yr |
| Max Affordable Home | $304,208 |
$21,420
$4,770/mo
Washington Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $612,000 | Washington city median |
| Down Payment (20%) | $122,400 | Conventional loan |
| Monthly PITI | $3,700 | 6.7% rate, 30yr fixed |
| Required Income (28% rule) | $158,566 | Annual gross |
| Max Affordable Home | $304,208 | Based on median income |
| FHA Down (3.5%) | $21,420 | Minimum FHA |
| Housing Cost % of Income | 49.1% | Median income: $90,471/yr |
| Property Tax Rate | 0.56% | $3,427/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Washington is $612,000, with a local 30-year mortgage rate of 6.7%. A buyer putting 20% down carries a loan of $489,600, generating a monthly P&I payment of $3,159. Adding property taxes ($286/mo) and homeowners insurance ($255/mo) brings total monthly PITI to $3,700.
Washington's property tax rate of 0.56% is among the lower rates in the country, which improves overall affordability by keeping total PITI closer to the principal and interest payment alone. On the Washington median home, that is $286/month, or $3,427 per year.
District of Columbia levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Washington should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Washington's median income of $90,471/year can afford up to $2,111/month in total housing costs. Based on Washington's mortgage rate of 6.7% and property tax rate of 0.56%, that translates to a maximum affordable home price of approximately $304,208 with 20% down on a 30-year loan.
To afford the median Washington home priced at $612,000, you need an annual gross income of approximately $158,566. Total monthly housing costs (principal and interest of $3,159, property taxes of $286, and insurance of $255) come to $3,700/month, which equals 28% of the required income.
At the median home price of $612,000 and median household income of $90,471, the total monthly housing cost of $3,700 represents 49.1% of gross monthly income. This is well above the standard 28% threshold, making Washington a challenging market for buyers at median income.
A conventional 20% down payment on the median Washington home of $612,000 is $122,400. An FHA loan requires just 3.5% down — $21,420 — but adds mortgage insurance of roughly $418/month, bringing total FHA payments to $4,770/month.