Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Counties in Washington
Housing Market Overview
| Metric | Washington | US Average |
|---|---|---|
| Median Home Price | $471,160 | $242,182 |
| Price Trend (Annual %) | 12.1% | 8.2% |
| Median Gross Rent | $1,681 | $1,342 |
| Rent Trend (Annual %) | 6.9% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Washington is about 95% higher than in US. Rent is about 25% higher than the US average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Washington, up about 12.1% and 6.9% a year respectively. Home prices are changing faster.
Median rent in Washington rose about 65.7% between 2015 and 2023, from $1,014 to $1,681. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 5.0 yearly household incomes in Washington.
Buying the median-priced home in Washington costs roughly 23.4 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Washington. The price-to-rent ratio in US is about 15.0.
| Metric | Washington | US Average |
|---|---|---|
| Median Home Price | $471,160 | $242,182 |
| Median Household Income | $95,177 | $78,145 |
| Price-to-Income Ratio | 5.0 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Washington rose about 130.6%, while median household income rose about 67.6% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Washington | US Average |
|---|---|---|
| Homeownership Rate | 59.1% | 58.2% |
| Rental Rate | 33.4% | 31.3% |
| Vacancy Rate | 7.4% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 |
Washington has a homeownership rate of 59.1%, higher than the US average of 58.2%. Its housing vacancy rate is 7.4%, compared with 10.6% in US.
Housing Stock
| Metric | Washington | US Average |
|---|---|---|
| Average Household Size | 2.51 people | 2.54 people |
| Median Structure Built Year | 1982 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 |
The typical housing unit in Washington was built around 1982. On average, 2.5 people live in a home with about 5.5 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Washington.
What is the median home price in Washington?
The median home price in Washington is $471,160, higher than the US average of $242,182.
What is the average home price in Washington?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Washington?
The median gross rent in Washington is $1,681 per month, higher than the US average of $1,342.
What was the median gross rent in Washington in 2020?
In 2020, the median gross rent in Washington was $1,337 per month.
What is the price-to-rent ratio in Washington?
The price-to-rent ratio in Washington is about 23.4, meaning it would take roughly 23.4 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Washington.
Are home prices or rent rising faster in Washington?
Both home prices and rent are rising in Washington, up about 12.1% and 6.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Washington?
59.1% of households in Washington own their home, higher than the US average of 58.2%.
What is the vacancy rate in Washington?
The housing vacancy rate in Washington is 7.4%, lower than the US average of 10.6%.