14. How much do I need to make to buy a home in Seattle?

Short answer: To buy a median-priced single-family home in the city, you need about $256,000 a year, assuming a 7.4% mortgage rate and a 20% down payment. That is almost twice the county’s median household income.

Each one-point drop in the mortgage rate cuts the Seattle figure by roughly $21,000. These are Gardner Economics estimates, not lender quotes.

What this means for first-time buyers: Very few first-time buyers can afford a median-priced detached house in Seattle, and a lower rate won’t change that much on its own. A two-point drop still leaves the income requirement above $210,000. Most first-time buyers need to change what they buy, where they buy, or both.

Condos and townhomes inside the city are the most realistic way to own in Seattle, but buyers should count HOA dues, which can add a meaningful amount to the monthly cost. Outside the city, the math gets easier quickly.

At the same rate and down payment, a $600,000 home needs roughly $155,000 in household income, which puts parts of south King County, Snohomish County, and Pierce County within reach of many dual-income households.