Total monthly cost of ownership
Cost to Own a Home in Spokane Valley, Washington
A $344,000 home here costs
$2,572per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,769. The real number is $804 higher every month — 45% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Spokane Valley against Spokane County and Washington
| Measure | Spokane Valley | Spokane County |
|---|---|---|
| Median home value | $344,300 | $370,500 |
| Median property tax | $3,168 | $3,196 |
| Effective tax rate | 0.920% | 0.863% |
| Median gross rent | $1,247 | $1,200 |
| Population | 105,460 | 544,323 |
The weather behind that power bill
Spokane Valley sits in Spokane County, which averages a high of 87.1°F in its hottest month and a low of 25.7°F in its coldest, with 17.36" of precipitation a year and 36% of it in a single three-month stretch. That climate drives 507 cooling and 6,019 heating degree days, which is what sets the $134 electricity line above.
See the full climate breakdown for Spokane County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Spokane County
Full Spokane County cost breakdown · Every county in Washington
Common questions
How much does it cost to own a home in Spokane Valley?
A $344,000 home in Spokane Valley, Washington costs approximately $2,572 per month with 20% down at 6.66%. That is $1,769 principal and interest, $264 property tax, $51 homeowners insurance, $202 utilities and $287 set aside for maintenance.
What is the property tax rate in Spokane Valley?
Spokane Valley has an effective property tax rate of 0.920%, based on a median home value of $344,300 and median real estate taxes of $3,168. That is higher than the Spokane County average of 0.863%.
What is the average home price in Spokane Valley?
The median owner-occupied home value in Spokane Valley, Washington is $344,300, against $370,500 across Spokane County.
Is it cheaper to rent or buy in Spokane Valley?
Median gross rent in Spokane Valley is $1,247 a month, against $2,572 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Spokane Valley — 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.