Total monthly cost of ownership
Cost to Own a Home in Washington, District of Columbia
A $725,000 home here costs
$5,304per 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 $227,500 a year.
A standard mortgage calculator would have told you $4,016. The real number is $1,288 higher every month, 32% more than the payment most buyers budget for.
Compare District of Columbia 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.
Washington against District of Columbia and District of Columbia
| Measure | Washington | District of Columbia |
|---|---|---|
| Median home value | $724,600 | $724,600 |
| Median property tax | $4,180 | $4,180 |
| Effective tax rate | 0.577% | 0.577% |
| Median gross rent | $1,900 | $1,900 |
| Population | 672,079 | 672,079 |
The weather behind that power bill
Washington sits in District of Columbia, which averages a high of 89.6°F in its hottest month and a low of 30.1°F in its coldest, with 41.82" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 1,738 cooling and 3,769 heating degree days, which is what sets the $161 electricity line above.
See the full climate breakdown for District of Columbia , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in District of Columbia
No other places of this size are published in District of Columbia.
Full District of Columbia cost breakdown · Every county in District of Columbia
Talk to someone who works this market
These are Washington 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 Washington every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Washington I already own here and may sell
Common questions
How much does it cost to own a home in Washington?
A $725,000 home in Washington, District of Columbia costs approximately $5,304 per month with 20% down at 7.4%. That is $4,016 principal and interest, $349 property tax, $106 homeowners insurance, $229 utilities and $604 set aside for maintenance.
What is the property tax rate in Washington?
Washington has an effective property tax rate of 0.577%, based on a median home value of $724,600 and median real estate taxes of $4,180. That is in line with the District of Columbia average of 0.577%.
What is the average home price in Washington?
The median owner-occupied home value in Washington, District of Columbia is $724,600, against $724,600 across District of Columbia.
Is it cheaper to rent or buy in Washington?
Median gross rent in Washington is $1,900 a month, against $5,304 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 Washington?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Washington, District of Columbia at today's rate takes a household income of roughly $227,500 a year. That covers the full $5,304 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Washington, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for District of Columbia.
- 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.