Mortgage payment estimates, closing cost breakdowns, and homebuying data for Olympia, Washington.
Median Home Price
$445K
Population
56K
Avg Monthly Rent
$1,520
Property Tax Rate
0.98% *
* Property tax shown is the Washington state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Olympia.
Olympia vs Washington Median
The median home price in Olympia is $445,000, which is 23% below the Washington state median of $580,000.
Mortgage Calculator — Olympia, WA
Pre-filled with Olympia median home price and Washington tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $445K home using Washington's 0.98% tax rate and $1,600/yr insurance.
5% Down
$3,415/mo
Down: $22,250
Loan: $423K
P&I: $2,672
Tax: $363
Insurance: $133
PMI: $247
10% Down
$3,262/mo
Down: $44,500
Loan: $401K
P&I: $2,531
Tax: $363
Insurance: $133
PMI: $234
20% Down (No PMI)
$2,747/mo
Down: $89,000
Loan: $356K
P&I: $2,250
Tax: $363
Insurance: $133
Income needed (28% rule): $118K/year with 20% down, $140K/year with 10% down.
Rent vs Buy in Olympia
Rent
$1,520/mo
vs
Buy (10% down)
$3,262/mo
Price-to-rent ratio: 24.4 — At a ratio above 20, renting may be more economical in Olympia for shorter stays. Buying costs $1,742 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Olympia is $445,000, 23% below the Washington state median of $580,000. With a population of 55,605, Olympia is a smaller market where home prices tend to be more accessible than in many parts of Washington.
Property taxes in Washington average 0.98% annually. This moderate property tax rate means a $445,000 home in Olympia would carry roughly $363/month in property taxes. Homeowners insurance in Washington runs approximately $1,600 per year. This is within the normal range nationally.
Average rent in Olympia is $1,520/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Olympia is a higher-cost market. At $445K median, buyers need significant savings or strong income. Down payment assistance through Washington's WSHFC Home Advantage program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Olympia.