Total monthly cost of ownership
Cost to Own a Home in Spokane Valley, Washington
A $344,000 home here costs
$2,715per 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 $116,500 a year.
A standard mortgage calculator would have told you $1,905. The real number is $810 higher every month, 43% more than the payment most buyers budget for.
Compare Spokane 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.
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 $140 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
Talk to someone who works this market
These are Spokane Valley 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 Spokane Valley every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Spokane Valley I already own here and may sell
Common questions
How much does it cost to own a home in Spokane Valley?
A $344,000 home in Spokane Valley, Washington costs approximately $2,715 per month with 20% down at 7.4%. That is $1,905 principal and interest, $264 property tax, $51 homeowners insurance, $208 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 $2,715 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 Spokane Valley?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Spokane Valley, Washington at today's rate takes a household income of roughly $116,500 a year. That covers the full $2,715 monthly cost, not just the mortgage payment.
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.