Home prices have surged in the U.S. in recent years. Driven by rising demand and supply constraints during the pandemic, the median home sale price spiked by nearly 50% from the second quarter of 2020 to Q3 in 2022. While the sale price of a typical American home has fallen in recent months since, housing prices remain at historic highs.
Not only have home values soared, but borrowing costs for home buyers have also climbed. The average interest rate on a 30-year fixed mortgage has been above 6% since September 2022, a high not seen in nearly a decade and a half. In a market defined by high prices and high mortgage rates, homeownership has become prohibitively expensive for a large number of Americans.
Still, housing prices are also subject to a number of factors that can be isolated from broader, nationwide market trends — and location is one of them. Two homes that are virtually identical can vary in price by hundreds of thousands of dollars, depending on where they are. And for prospective homeowners on a budget, some cities in Washington state are far more affordable than others.
According to five-year estimates from the U.S. Census Bureau’s 2022 American Community Survey, the typical home in Washington is worth $473,400. But across the 51 cities, towns, and unincorporated communities in the state with populations of at least 25,000, median home values range from less than $250,000 to over $1.6 million.
In any local market, home prices are often a reflection of what residents can afford. In Washington, many of the least expensive cities for homebuyers are not high-income areas. Of the 51 Washington cities with available data from the ACS, 30 have a median home value that is less than the statewide median. In all but five of these places, the typical household earns less than the statewide median household income of $90,325. Similarly, most of Washington’s more expensive housing markets have higher earning populations.
These are the cheapest and most expensive housing markets in Washington.
51. Yakima
Source: brostad / Flickr
- Median home value: $243,300
- Homes worth over $1 million: 0.8%
- Homeownership rate: 53.1%
- Median household income: $55,734
- Total population: 96,764
50. Moses Lake
Source: functoruser / Flickr
- Median home value: $245,000
- Homes worth over $1 million: 0.2%
- Homeownership rate: 57.7%
- Median household income: $66,218
- Total population: 25,155
49. Spokane
Source: benedek / iStock via Getty Images
- Median home value: $286,900
- Homes worth over $1 million: 1.4%
- Homeownership rate: 57.5%
- Median household income: $63,316
- Total population: 227,922
48. Longview
Source: Maxvis / iStock via Getty Images
- Median home value: $307,100
- Homes worth over $1 million: 0.6%
- Homeownership rate: 52.7%
- Median household income: $57,920
- Total population: 37,722
47. Spokane Valley
Source: kenlund / Flickr
- Median home value: $307,700
- Homes worth over $1 million: 0.6%
- Homeownership rate: 57.7%
- Median household income: $66,483
- Total population: 103,761
46. Pasco
Source: alohadave / iStock via Getty Images
- Median home value: $309,200
- Homes worth over $1 million: 0.6%
- Homeownership rate: 68.9%
- Median household income: $75,316
- Total population: 77,274
45. Walla Walla
Source: carterdayne / iStock Unreleased via Getty Images
- Median home value: $314,500
- Homes worth over $1 million: 2.0%
- Homeownership rate: 60.4%
- Median household income: $58,179
- Total population: 33,842
44. Kennewick
Source: gjohnstonphoto / iStock via Getty Images
- Median home value: $318,400
- Homes worth over $1 million: 1.0%
- Homeownership rate: 62.9%
- Median household income: $70,429
- Total population: 83,823
43. Parkland
Source: Public Domain
- Median home value: $341,100
- Homes worth over $1 million: 0.6%
- Homeownership rate: 53.1%
- Median household income: $66,162
- Total population: 39,398
42. Wenatchee
Source: Jaskaran Kooner / iStock via Getty Images
- Median home value: $352,200
- Homes worth over $1 million: 2.2%
- Homeownership rate: 54.4%
- Median household income: $66,143
- Total population: 35,365
41. Spanaway
Source: Michael Vi / iStock via Getty Images
- Median home value: $360,400
- Homes worth over $1 million: 0.6%
- Homeownership rate: 72.6%
- Median household income: $91,346
- Total population: 34,015
40. Richland
Source: rustejunk / Flickr
- Median home value: $365,800
- Homes worth over $1 million: 1.2%
- Homeownership rate: 64.6%
- Median household income: $89,283
- Total population: 60,867
39. Bremerton
Source: Ceri Breeze / iStock Editorial via Getty Images
- Median home value: $369,700
- Homes worth over $1 million: 0.9%
- Homeownership rate: 46.6%
- Median household income: $68,556
- Total population: 43,983
38. Lacey
Source: Feverpitched / iStock via Getty Images
- Median home value: $378,700
- Homes worth over $1 million: 0.7%
- Homeownership rate: 57.9%
- Median household income: $79,874
- Total population: 56,263
37. Pullman
Source: redfishweb / iStock via Getty Images
- Median home value: $379,000
- Homes worth over $1 million: 1.4%
- Homeownership rate: 29.2%
- Median household income: $41,479
- Total population: 31,972
36. Mount Vernon
Source: july7th / iStock Unreleased via Getty Images
- Median home value: $385,200
- Homes worth over $1 million: 0.7%
- Homeownership rate: 63.7%
- Median household income: $69,227
- Total population: 35,120
35. Orchards
Source: SondraP / iStock via Getty Images
- Median home value: $387,800
- Homes worth over $1 million: 0.8%
- Homeownership rate: 67.2%
- Median household income: $88,199
- Total population: 29,214
34. Vancouver
Source: landscapesinthewest / Flickr / Public Domain
- Median home value: $403,400
- Homes worth over $1 million: 2.0%
- Homeownership rate: 50.9%
- Median household income: $73,626
- Total population: 190,700
33. Lakewood
Source: roadgeek / Flickr
- Median home value: $406,500
- Homes worth over $1 million: 4.5%
- Homeownership rate: 43.6%
- Median household income: $65,531
- Total population: 63,142
32. Olympia
Source: halbergman / E+ via Getty Images
- Median home value: $409,700
- Homes worth over $1 million: 1.4%
- Homeownership rate: 48.3%
- Median household income: $73,851
- Total population: 55,151
31. Tacoma
Source: photographingtravis / Flickr
- Median home value: $415,300
- Homes worth over $1 million: 3.1%
- Homeownership rate: 56.8%
- Median household income: $79,085
- Total population: 219,234
30. Tumwater
- Median home value: $421,900
- Homes worth over $1 million: 0.4%
- Homeownership rate: 59.4%
- Median household income: $84,177
- Total population: 25,617
29. Graham
Source: Berggirl / iStock via Getty Images
- Median home value: $427,600
- Homes worth over $1 million: 1.7%
- Homeownership rate: 82.5%
- Median household income: $110,024
- Total population: 34,778
28. South Hill
- Median home value: $442,400
- Homes worth over $1 million: 1.2%
- Homeownership rate: 71.7%
- Median household income: $103,707
- Total population: 67,835
27. SeaTac
Source: PapaBear / iStock via Getty Images
- Median home value: $448,200
- Homes worth over $1 million: 3.1%
- Homeownership rate: 46.9%
- Median household income: $79,433
- Total population: 30,927
26. Federal Way
Source: Ron Clausen / Wikimedia Commons
- Median home value: $454,300
- Homes worth over $1 million: 3.4%
- Homeownership rate: 55.4%
- Median household income: $80,360
- Total population: 99,614
25. Marysville
Source: SounderBruce from Seattle, United States / Wikimedia Commons
- Median home value: $456,600
- Homes worth over $1 million: 1.2%
- Homeownership rate: 70.7%
- Median household income: $98,288
- Total population: 70,847
24. Auburn
Source: KingWu / iStock Unreleased via Getty Images
- Median home value: $460,100
- Homes worth over $1 million: 1.3%
- Homeownership rate: 60.5%
- Median household income: $87,406
- Total population: 85,623
23. Puyallup
Source: davidwilson1949 / Flickr
- Median home value: $467,000
- Homes worth over $1 million: 2.0%
- Homeownership rate: 51.3%
- Median household income: $90,592
- Total population: 42,610
22. Everett
Source: SEASTOCK / iStock via Getty Images
- Median home value: $471,200
- Homes worth over $1 million: 3.6%
- Homeownership rate: 48.5%
- Median household income: $77,806
- Total population: 110,847
21. Kent
Source: gmc3101 / iStock via Getty Images
- Median home value: $478,400
- Homes worth over $1 million: 1.6%
- Homeownership rate: 55.8%
- Median household income: $86,966
- Total population: 135,169
20. Des Moines
Source: gmc3101 / iStock via Getty Images
- Median home value: $483,200
- Homes worth over $1 million: 3.3%
- Homeownership rate: 59.4%
- Median household income: $81,362
- Total population: 32,667
19. University Place
Source: Shayla Hufana / iStock via Getty Images
- Median home value: $509,900
- Homes worth over $1 million: 4.4%
- Homeownership rate: 58.4%
- Median household income: $89,658
- Total population: 34,696
18. Lake Stevens
Source: brewbooks / Flickr
- Median home value: $516,600
- Homes worth over $1 million: 5.3%
- Homeownership rate: 76.4%
- Median household income: $111,821
- Total population: 38,816
17. Bellingham
Source: SEASTOCK / iStock via Getty Images
- Median home value: $528,600
- Homes worth over $1 million: 7.8%
- Homeownership rate: 45.6%
- Median household income: $64,026
- Total population: 91,353
16. Burien
Source: gmc3101 / iStock via Getty Images
- Median home value: $566,500
- Homes worth over $1 million: 8.2%
- Homeownership rate: 56.7%
- Median household income: $84,583
- Total population: 51,505
15. Renton
Source: gmc3101 / iStock via Getty Images
- Median home value: $576,800
- Homes worth over $1 million: 9.9%
- Homeownership rate: 53.6%
- Median household income: $92,292
- Total population: 105,355
14. Lynnwood
Source: SounderBruce from Seattle, United States / Wikimedia Commons
- Median home value: $596,200
- Homes worth over $1 million: 2.9%
- Homeownership rate: 52.3%
- Median household income: $72,241
- Total population: 39,867
13. Camas
Source: rrbill / Flickr
- Median home value: $603,000
- Homes worth over $1 million: 11.5%
- Homeownership rate: 79.9%
- Median household income: $133,829
- Total population: 26,387
12. Maple Valley
Source: Yordanpopovbg / CC BY-SA 4.0
- Median home value: $622,100
- Homes worth over $1 million: 4.9%
- Homeownership rate: 85.0%
- Median household income: $137,595
- Total population: 27,889
11. Shoreline
Source: gmc3101 / iStock via Getty Images
- Median home value: $711,500
- Homes worth over $1 million: 15.0%
- Homeownership rate: 66.5%
- Median household income: $106,184
- Total population: 58,673
10. Edmonds
Source: remodaut / iStock via Getty Images
- Median home value: $761,300
- Homes worth over $1 million: 26.8%
- Homeownership rate: 69.7%
- Median household income: $110,057
- Total population: 42,705
9. Mill Creek East
Source: Dicklyon / Wikimedia Commons
- Median home value: $769,600
- Homes worth over $1 million: 14.3%
- Homeownership rate: 84.9%
- Median household income: $174,759
- Total population: 25,302
8. Bothell
Source: SEASTOCK / iStock via Getty Images
- Median home value: $796,900
- Homes worth over $1 million: 25.9%
- Homeownership rate: 64.0%
- Median household income: $127,944
- Total population: 47,917
7. Seattle
Source: LoweStock / iStock via Getty Images
- Median home value: $879,900
- Homes worth over $1 million: 36.4%
- Homeownership rate: 44.5%
- Median household income: $116,068
- Total population: 734,603
6. Issaquah
Source: 4nadia / iStock via Getty Images
- Median home value: $891,500
- Homes worth over $1 million: 39.1%
- Homeownership rate: 57.8%
- Median household income: $143,006
- Total population: 39,400
5. Kirkland
Source: Colleen Michaels / iStock Editorial via Getty Images
- Median home value: $937,700
- Homes worth over $1 million: 43.4%
- Homeownership rate: 62.1%
- Median household income: $135,608
- Total population: 92,015
4. Redmond
Source: dmitriko / Getty Images
- Median home value: $1,026,400
- Homes worth over $1 million: 52.3%
- Homeownership rate: 46.6%
- Median household income: $155,287
- Total population: 73,728
3. Sammamish
Source: SEASTOCK / iStock via Getty Images
- Median home value: $1,139,100
- Homes worth over $1 million: 63.0%
- Homeownership rate: 84.2%
- Median household income: $215,047
- Total population: 66,586
2. Bellevue
Source: gmc3101 / iStock via Getty Images
- Median home value: $1,139,500
- Homes worth over $1 million: 62.3%
- Homeownership rate: 51.7%
- Median household income: $149,551
- Total population: 150,606
1. Mercer Island
Source: Art Wager / E+ via Getty Images
- Median home value: $1,683,600
- Homes worth over $1 million: 84.9%
- Homeownership rate: 68.0%
- Median household income: $190,985
- Total population: 25,464
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