The typical owner-occupied home in Woodway is worth about $370,500, 31% above the Texas median of $283,800 and 11% above the national median of $332,700. Owners pay a median $5,451 a year in property taxes, about 1.47% of their home's value, close to the Texas rate of 1.49%. The median household earns $115,108 a year, so the median home costs 3.2 times the median income (3.6 times for Texas). 91% of occupied homes here are lived in by their owners, and 57% of those owners still have a mortgage.
Woodway at a glance
| Woodway | Texas | U.S. | |
|---|---|---|---|
| Median home value | $370,500 | $283,800 | $332,700 |
| Median property tax paid per year | $5,451 | $4,232 | $3,119 |
| Property tax as a share of value | 1.47% | 1.49% | 0.94% |
| Median household income | $115,108 | $78,476 | $80,734 |
| Homes lived in by their owners | 91% | 63% | 65% |
| Owner homes with a mortgage | 57% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $2,201 | $2,106 | $1,963 |
| Those costs as a share of the owners' income | 21.0% | 21.7% | 21.0% |
| Median rent | $1,653 | $1,403 | $1,413 |
| Rent as a share of renters' income | 31.3% | 30.9% | 30.6% |
| Median year homes were built | 1978 | 1992 | 1980 |
| Vacant homes | 6.3% | 9.4% | 10.1% |
| Population | 9,570 | 30,188,424 | 334,922,499 |
What a typical home costs per month in Woodway
At this week's average 30-year rate of 7.11%, buying the median Woodway home of $370,500 with 20% down costs about $2,602 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,219, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $111,520 for the 20%-down payment. That payment is 27% of the median Woodway household income of $115,108; at that income and 20% down, the 28% guideline points to a home of about $382,000.
The median rent here is $1,653 a month, so owning the median home costs about $949 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $74,100 |
|---|---|
| Loan amount | $296,400 |
| Principal and interest | $1,994 |
| Property taxes (1.47% a year) | $454 |
| Homeowners insurance (our estimate, 0.5% a year) | $154 |
| PMI | $0 |
| Total per month | $2,602 |
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| Down payment | $12,968 |
|---|---|
| Loan amount | $363,789 |
| Principal and interest | $2,447 |
| Property taxes (1.47% a year) | $454 |
| Homeowners insurance (our estimate, 0.5% a year) | $154 |
| FHA mortgage insurance | $164 |
| Total per month | $3,219 |
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Questions about home buying in Woodway
What is the median home value in Woodway?
About $370,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Woodway?
Homeowners pay a median $5,451 a year, which is about 1.47% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Woodway?
For the median home with 20% down at 7.11%, the payment is about $2,602 a month. Keeping that under 28% of gross income takes about $111,520 a year.
More about Woodway
- Mortgage Refinance in Woodway
- Debt Relief in Woodway
- Home Equity Loans in Woodway
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data