CALCMONEY // HOME AFFORDABILITY // WA // SPOKANE
How much house can you afford in Spokane? Based on local median home prices, current WA mortgage rates, and Spokane property tax data.
$320,000
$2,113/mo
$90,544/yr
$167,021
Monthly housing costs of $2,113 represent 45.3% of Spokane's median gross monthly income ($4,667/mo). At 45.3%, median-income buyers in Spokane are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $320,000 |
| Down Payment (20%) | $64,000 |
| Loan Amount | $256,000 |
| Monthly PI Payment | $1,686 |
| Monthly Property Tax | $293 |
| Monthly Insurance Est. | $133 |
| Total Monthly PITI | $2,113 |
| Housing Cost % of Income | 45.3% |
| Required Income (28% rule) | $90,544/yr |
| Max Affordable Home | $167,021 |
$11,200
$2,679/mo
Spokane Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $320,000 | Spokane city median |
| Down Payment (20%) | $64,000 | Conventional loan |
| Monthly PITI | $2,113 | 6.9% rate, 30yr fixed |
| Required Income (28% rule) | $90,544 | Annual gross |
| Max Affordable Home | $167,021 | Based on median income |
| FHA Down (3.5%) | $11,200 | Minimum FHA |
| Housing Cost % of Income | 45.3% | Median income: $56,000/yr |
| Property Tax Rate | 1.1% | $3,520/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Spokane is $320,000, with a local 30-year mortgage rate of 6.9%. A buyer putting 20% down carries a loan of $256,000, generating a monthly P&I payment of $1,686. Adding property taxes ($293/mo) and homeowners insurance ($133/mo) brings total monthly PITI to $2,113.
Spokane's property tax rate of 1.1% is near the national average, adding a standard increment to monthly housing costs. On the Spokane median home, that is $293/month, or $3,520 per year.
Washington has no state income tax, improving effective take-home pay for Spokane residents and giving buyers additional capacity relative to equally-priced homes in high-tax states.
Using the 28% rule, a household earning Spokane's median income of $56,000/year can afford up to $1,307/month in total housing costs. Based on Spokane's mortgage rate of 6.9% and property tax rate of 1.1%, that translates to a maximum affordable home price of approximately $167,021 with 20% down on a 30-year loan.
To afford the median Spokane home priced at $320,000, you need an annual gross income of approximately $90,544. Total monthly housing costs (principal and interest of $1,686, property taxes of $293, and insurance of $133) come to $2,113/month, which equals 28% of the required income.
At the median home price of $320,000 and median household income of $56,000, the total monthly housing cost of $2,113 represents 45.3% of gross monthly income. This is well above the standard 28% threshold, making Spokane a challenging market for buyers at median income.
A conventional 20% down payment on the median Spokane home of $320,000 is $64,000. An FHA loan requires just 3.5% down — $11,200 — but adds mortgage insurance of roughly $219/month, bringing total FHA payments to $2,679/month.
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