Total monthly cost of ownership
Cost to Own a Home in Spokane, Washington
A $326,000 home here costs
$2,559per 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 $109,500 a year.
A standard mortgage calculator would have told you $1,806. The real number is $754 higher every month, 42% 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 against Spokane County and Washington
| Measure | Spokane | Spokane County |
|---|---|---|
| Median home value | $326,200 | $370,500 |
| Median property tax | $2,705 | $3,196 |
| Effective tax rate | 0.829% | 0.863% |
| Median gross rent | $1,141 | $1,200 |
| Population | 229,228 | 544,323 |
The weather behind that power bill
Spokane 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 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 every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Spokane I already own here and may sell
Common questions
How much does it cost to own a home in Spokane?
A $326,000 home in Spokane, Washington costs approximately $2,559 per month with 20% down at 7.4%. That is $1,806 principal and interest, $225 property tax, $48 homeowners insurance, $208 utilities and $272 set aside for maintenance.
What is the property tax rate in Spokane?
Spokane has an effective property tax rate of 0.829%, based on a median home value of $326,200 and median real estate taxes of $2,705. That is lower than the Spokane County average of 0.863%.
What is the average home price in Spokane?
The median owner-occupied home value in Spokane, Washington is $326,200, against $370,500 across Spokane County.
Is it cheaper to rent or buy in Spokane?
Median gross rent in Spokane is $1,141 a month, against $2,559 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?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Spokane, Washington at today's rate takes a household income of roughly $109,500 a year. That covers the full $2,559 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Spokane, 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.