Mortgage payment estimates, closing cost breakdowns, and homebuying data for Spokane, Washington.
Median Home Price
$365K
Population
229K
Avg Monthly Rent
$1,350
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 Spokane.
Spokane vs Washington Median
The median home price in Spokane is $365,000, which is 37% below the Washington state median of $580,000.
Mortgage Calculator — Spokane, WA
Pre-filled with Spokane median home price and Washington tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $365K home using Washington's 0.98% tax rate and $1,600/yr insurance.
5% Down
$2,825/mo
Down: $18,250
Loan: $347K
P&I: $2,192
Tax: $298
Insurance: $133
PMI: $202
10% Down
$2,699/mo
Down: $36,500
Loan: $329K
P&I: $2,076
Tax: $298
Insurance: $133
PMI: $192
20% Down (No PMI)
$2,277/mo
Down: $73,000
Loan: $292K
P&I: $1,846
Tax: $298
Insurance: $133
Income needed (28% rule): $98K/year with 20% down, $116K/year with 10% down.
Rent vs Buy in Spokane
Rent
$1,350/mo
vs
Buy (10% down)
$2,699/mo
Price-to-rent ratio: 22.5 — At a ratio above 20, renting may be more economical in Spokane for shorter stays. Buying costs $1,349 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 Spokane is $365,000, 37% below the Washington state median of $580,000. With a population of 228,989, Spokane is a mid-size city 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 $365,000 home in Spokane would carry roughly $298/month in property taxes. Homeowners insurance in Washington runs approximately $1,600 per year. This is within the normal range nationally.
Average rent in Spokane is $1,350/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.
Spokane presents moderate affordability. The $365K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Spokane.