Located in the northwest region of the U.S. is the wealthy state of Washington. Nicknamed the Evergreen state, Washington is the sixth most expensive state in the country with a strong housing market. Home of temperate rainforests, mountain ranges and the beautiful city of Seattle, Washington continues to grow in population and popularity.
New American Funding has put together a list of major aspects influencing home buying in Washington so you know everything you need to prior to getting a mortgage. Our Washington mortgage calculator can give you a clear picture of just how much home you can afford in Washington, so make sure you take advantage of this extremely helpful feature. If you want to move to Washington, see First-time Homebuyer Guide for Washington. Also, see FHA Loan in Washington for details and requirements for a home in the state.
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Washington has a strong economy, growing at a rate of 5.7% every year, which is the fastest rate in the U.S. The state is the birthplace of Starbucks, Amazon, Microsoft, and Costco. It also leads the country in apple, hops, and cherry production.
The median household income recorded in Washington is $74,073, far above the national average of $61,937, based on information collected form the Census ACS 1-year survey in 2018. This has also risen over the past few years. The unemployment rate in Washington is higher than the national average of 3.6%. In January 2020 it was recorded as 3.9%, according to information gathered by the Department of Numbers.
Washington has no personal income tax. However, the state has some of the highest sales taxes in the country. That state sales tax sits at a rate of 6.5% with counties and cities charging an additional local sales tax of up to 3.1%. Groceries and prescription drugs are exempt from this.
