Total monthly cost of ownership
Cost to Own a Home in Tacoma, Washington
A $455,000 home here costs
$3,530per 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 $151,500 a year.
A standard mortgage calculator would have told you $2,520. The real number is $1,009 higher every month, 40% 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.
Tacoma against Pierce County and Washington
| Measure | Tacoma | Pierce County |
|---|---|---|
| Median home value | $454,600 | $484,400 |
| Median property tax | $4,248 | $4,555 |
| Effective tax rate | 0.934% | 0.940% |
| Median gross rent | $1,597 | $1,722 |
| Population | 220,482 | 924,106 |
The weather behind that power bill
Tacoma 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 Tacoma 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 Tacoma every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Tacoma I already own here and may sell
Common questions
How much does it cost to own a home in Tacoma?
A $455,000 home in Tacoma, Washington costs approximately $3,530 per month with 20% down at 7.4%. That is $2,520 principal and interest, $354 property tax, $67 homeowners insurance, $208 utilities and $379 set aside for maintenance.
What is the property tax rate in Tacoma?
Tacoma has an effective property tax rate of 0.934%, based on a median home value of $454,600 and median real estate taxes of $4,248. That is in line with the Pierce County average of 0.940%.
What is the average home price in Tacoma?
The median owner-occupied home value in Tacoma, Washington is $454,600, against $484,400 across Pierce County.
Is it cheaper to rent or buy in Tacoma?
Median gross rent in Tacoma is $1,597 a month, against $3,530 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 Tacoma?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Tacoma, Washington at today's rate takes a household income of roughly $151,500 a year. That covers the full $3,530 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Tacoma, 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.