Total monthly cost of ownership
Cost to Own a Home in Edgewood, Washington
A $664,000 home here costs
$4,978per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $213,500 a year.
A standard mortgage calculator would have told you $3,620. The real number is $1,358 higher every month, 38% more than the payment most buyers budget for.
Compare Pierce County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Edgewood against Pierce County and Washington
| Measure | Edgewood | Pierce County |
|---|---|---|
| Median home value | $664,000 | $484,400 |
| Median property tax | $5,980 | $4,555 |
| Effective tax rate | 0.901% | 0.940% |
| Median gross rent | $1,837 | $1,722 |
| Population | 12,683 | 924,106 |
The weather behind that power bill
Edgewood sits in Pierce County, which averages a high of 76.5°F in its hottest month and a low of 32.9°F in its coldest, with 45.13" of precipitation a year and 42% of it in a single three-month stretch. That climate drives 120 cooling and 5,397 heating degree days, which is what sets the $140 electricity line above.
See the full climate breakdown for Pierce County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Pierce County
Full Pierce County cost breakdown · Every county in Washington
Talk to someone who works this market
These are Edgewood averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Edgewood every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Edgewood I already own here and may sell
Common questions
How much does it cost to own a home in Edgewood?
A $664,000 home in Edgewood, Washington costs approximately $4,978 per month with 20% down at 7.24%. That is $3,620 principal and interest, $499 property tax, $98 homeowners insurance, $208 utilities and $553 set aside for maintenance.
What is the property tax rate in Edgewood?
Edgewood has an effective property tax rate of 0.901%, based on a median home value of $664,000 and median real estate taxes of $5,980. That is lower than the Pierce County average of 0.940%.
What is the average home price in Edgewood?
The median owner-occupied home value in Edgewood, Washington is $664,000, against $484,400 across Pierce County.
Is it cheaper to rent or buy in Edgewood?
Median gross rent in Edgewood is $1,837 a month, against $4,978 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Edgewood?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Edgewood, Washington at today's rate takes a household income of roughly $213,500 a year. That covers the full $4,978 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Edgewood, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Washington.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.