Total monthly cost of ownership
Cost to Own a Home in Olympia, Washington
A $458,000 home here costs
$3,547per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $152,000 a year.
A standard mortgage calculator would have told you $2,537. The real number is $1,010 higher every month, 40% more than the payment most buyers budget for.
Compare Thurston 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.
Olympia against Thurston County and Washington
| Measure | Olympia | Thurston County |
|---|---|---|
| Median home value | $457,900 | $451,500 |
| Median property tax | $4,221 | $4,043 |
| Effective tax rate | 0.922% | 0.895% |
| Median gross rent | $1,509 | $1,634 |
| Population | 55,583 | 296,640 |
The weather behind that power bill
Olympia sits in Thurston County, which averages a high of 78.0°F in its hottest month and a low of 32.3°F in its coldest, with 50.62" of precipitation a year and 47% of it in a single three-month stretch. That climate drives 113 cooling and 5,378 heating degree days, which is what sets the $140 electricity line above.
See the full climate breakdown for Thurston County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Thurston County
Full Thurston County cost breakdown · Every county in Washington
Talk to someone who works this market
These are Olympia 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 Olympia every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Olympia I already own here and may sell
Common questions
How much does it cost to own a home in Olympia?
A $458,000 home in Olympia, Washington costs approximately $3,547 per month with 20% down at 7.4%. That is $2,537 principal and interest, $352 property tax, $68 homeowners insurance, $208 utilities and $382 set aside for maintenance.
What is the property tax rate in Olympia?
Olympia has an effective property tax rate of 0.922%, based on a median home value of $457,900 and median real estate taxes of $4,221. That is higher than the Thurston County average of 0.895%.
What is the average home price in Olympia?
The median owner-occupied home value in Olympia, Washington is $457,900, against $451,500 across Thurston County.
Is it cheaper to rent or buy in Olympia?
Median gross rent in Olympia is $1,509 a month, against $3,547 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 Olympia?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Olympia, Washington at today's rate takes a household income of roughly $152,000 a year. That covers the full $3,547 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Olympia, 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.