How Much Does Home Ownership Cost In Washington?
My wife and I got married in 2013, and within a month of being newlyweds, we bought our first home.
Before that, we were renting, her in an apartment and me (and her roughly 6 months before we wed) in an old farmhouse owned by a family friend.
When we bought our house, it was affordable. It had a few issues that kept it on the market for almost a year, but we fell in love with it and quickly went from being in the happy “newlywed” mode to “new homeowners.”
I’m so grateful that we bought our house when we did because, like many, we doubt we’d be able to do so today. That is how bad housing prices are in Washington.
A new study from home warranty experts at Cinch Home Services compared the different states and was able to pinpoint the states “most susceptible” to higher costs with housing.
Washington is WAY up there!
Where Does Washington State Compare To The Rest of The U.S. With Housing Costs?
Looking at mortgage payments, maintenance fees, property taxes, and extra fees that go hand in hand with home ownership, the study found that Washington residents pay over $48,800 a year in owning a home.
That’s 55% more than the national average for owning a home and the expenses that come with it.
The 4th most expensive in the United States.
The average breakdown for Washington homeowner ship goes like this:
- Median house cost: $577.3k
- Annual mortgage accumulates: $41.4k
- .87% Property tax adds: $5k
- Average maintenance cost: $48,881
To compare the costs with other states, Hawaii nabs the top spot for homeowners with $65k, and if you’re home buying on a tight budget, you might want to head to West Virginia, where the cheapest state only costs $14,500.
The 10 Costly States For Homeowners:
10 - New York
9 - Utah
8 - Oregon
7 - New Hampshire
6 - Colorado
5 - New Jersey
4 - Washington
3 - Massachusetts
2 - California
1 - Hawaii
Related Reading: 8 Underrated Things About Washington!
The 10 Cheapest States For Homeowners:
10 - Illinois
9 - Kansas
8 - Iowa
7 - Missouri
6 - Kentucky
5 - Oklahoma
4 - Arkansas
3 - Louisiana
2 - Mississippi
1 - West Virginia.
Data sourced from the study: Go Banking Rates, World Population Review, Salary After Tax, Rocket Mortgage, Forbes, Angi, and Bankrate.
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