Total monthly cost of ownership
Cost to Own a Home in Gig Harbor, Washington
A $686,000 home here costs
$5,033per 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 $215,500 a year.
A standard mortgage calculator would have told you $3,740. The real number is $1,293 higher every month, 35% 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.
Gig Harbor against Pierce County and Washington
| Measure | Gig Harbor | Pierce County |
|---|---|---|
| Median home value | $686,000 | $484,400 |
| Median property tax | $4,948 | $4,555 |
| Effective tax rate | 0.721% | 0.940% |
| Median gross rent | $2,097 | $1,722 |
| Population | 12,202 | 924,106 |
The weather behind that power bill
Gig Harbor 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 Gig Harbor 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 Gig Harbor every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Gig Harbor I already own here and may sell
Common questions
How much does it cost to own a home in Gig Harbor?
A $686,000 home in Gig Harbor, Washington costs approximately $5,033 per month with 20% down at 7.24%. That is $3,740 principal and interest, $412 property tax, $102 homeowners insurance, $208 utilities and $572 set aside for maintenance.
What is the property tax rate in Gig Harbor?
Gig Harbor has an effective property tax rate of 0.721%, based on a median home value of $686,000 and median real estate taxes of $4,948. That is lower than the Pierce County average of 0.940%.
What is the average home price in Gig Harbor?
The median owner-occupied home value in Gig Harbor, Washington is $686,000, against $484,400 across Pierce County.
Is it cheaper to rent or buy in Gig Harbor?
Median gross rent in Gig Harbor is $2,097 a month, against $5,033 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 Gig Harbor?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Gig Harbor, Washington at today's rate takes a household income of roughly $215,500 a year. That covers the full $5,033 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Gig Harbor, 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.