CALCMONEY // HOME AFFORDABILITY // WA // REDMOND
How much house can you afford in Redmond? Based on local median home prices, current WA mortgage rates, and Redmond property tax data.
$1,100,000
$7,134/mo
$305,743/yr
$410,277
Monthly housing costs of $7,134 represent 57.1% of Redmond's median gross monthly income ($12,500/mo). At 57.1%, median-income buyers in Redmond are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $1,100,000 |
| Down Payment (20%) | $220,000 |
| Loan Amount | $880,000 |
| Monthly PI Payment | $5,796 |
| Monthly Property Tax | $880 |
| Monthly Insurance Est. | $458 |
| Total Monthly PITI | $7,134 |
| Housing Cost % of Income | 57.1% |
| Required Income (28% rule) | $305,743/yr |
| Max Affordable Home | $410,277 |
$38,500
$9,081/mo
Redmond Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $1,100,000 | Redmond city median |
| Down Payment (20%) | $220,000 | Conventional loan |
| Monthly PITI | $7,134 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $305,743 | Annual gross |
| Max Affordable Home | $410,277 | Based on median income |
| FHA Down (3.5%) | $38,500 | Minimum FHA |
| Housing Cost % of Income | 57.1% | Median income: $150,000/yr |
| Property Tax Rate | 0.96% | $10,560/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Redmond is $1,100,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $880,000, generating a monthly P&I payment of $5,796. Adding property taxes ($880/mo) and homeowners insurance ($458/mo) brings total monthly PITI to $7,134.
Redmond's property tax rate of 0.96% is near the national average, adding a standard increment to monthly housing costs. On the Redmond median home, that is $880/month, or $10,560 per year.
Washington has no state income tax, improving effective take-home pay for Redmond residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Redmond's median income of $150,000/year can afford up to $3,500/month in total housing costs. Based on Redmond's mortgage rate of 6.9% and property tax rate of 0.96%, that translates to a maximum affordable home price of approximately $410,277 with 20% down on a 30-year loan.
To afford the median Redmond home priced at $1,100,000, you need an annual gross income of approximately $305,743. Total monthly housing costs (principal and interest of $5,796, property taxes of $880, and insurance of $458) come to $7,134/month, which equals 28% of the required income.
At the median home price of $1,100,000 and median household income of $150,000, the total monthly housing cost of $7,134 represents 57.1% of gross monthly income. This is well above the standard 28% threshold, making Redmond a challenging market for buyers at median income.
A conventional 20% down payment on the median Redmond home of $1,100,000 is $220,000. An FHA loan requires just 3.5% down — $38,500 — but adds mortgage insurance of roughly $752/month, bringing total FHA payments to $9,081/month.