The typical owner-occupied home in Elma is worth about $409,600, 27% below the Washington median of $564,600 and 23% above the national median of $332,700. Owners pay a median $2,743 a year in property taxes, about 0.67% of their home's value, lower than the Washington rate of 0.81%. The median household earns $78,086 a year, so the median home costs 5.2 times the median income (5.8 times for Washington). 67% of occupied homes here are lived in by their owners, and 59% of those owners still have a mortgage.
Elma at a glance
| Elma | Washington | U.S. | |
|---|---|---|---|
| Median home value | $409,600 | $564,600 | $332,700 |
| Median property tax paid per year | $2,743 | $4,556 | $3,119 |
| Property tax as a share of value | 0.67% | 0.81% | 0.94% |
| Median household income | $78,086 | $98,141 | $80,734 |
| Homes lived in by their owners | 67% | 64% | 65% |
| Owner homes with a mortgage | 59% | 66% | 61% |
| Median monthly costs, owners with a mortgage | $1,920 | $2,445 | $1,963 |
| Those costs as a share of the owners' income | 20.2% | 22.2% | 21.0% |
| Median rent | $984 | $1,760 | $1,413 |
| Rent as a share of renters' income | 27.4% | 30.0% | 30.6% |
| Median year homes were built | 1969 | 1985 | 1980 |
| Vacant homes | 9.2% | 7.3% | 10.1% |
| Population | 3,483 | 7,816,116 | 334,922,499 |
What a typical home costs per month in Elma
At this week's average 30-year rate of 7.11%, buying the median Elma home of $409,600 with 20% down costs about $2,604 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,286, 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 $111,586 for the 20%-down payment. That payment is 40% of the median Elma household income of $78,086; at that income and 20% down, the 28% guideline points to a home of about $287,000.
The median rent here is $984 a month, so owning the median home costs about $1,620 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $81,920 |
|---|---|
| Loan amount | $327,680 |
| Principal and interest | $2,204 |
| Property taxes (0.67% a year) | $229 |
| Homeowners insurance (our estimate, 0.5% a year) | $171 |
| PMI | $0 |
| Total per month | $2,604 |
Change the numbers in the calculator
| Down payment | $14,336 |
|---|---|
| Loan amount | $402,181 |
| Principal and interest | $2,706 |
| Property taxes (0.67% a year) | $229 |
| Homeowners insurance (our estimate, 0.5% a year) | $171 |
| FHA mortgage insurance | $181 |
| Total per month | $3,286 |
Change the numbers in the calculator
Questions about home buying in Elma
What is the median home value in Elma?
About $409,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elma?
Homeowners pay a median $2,743 a year, which is about 0.67% 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 Elma?
For the median home with 20% down at 7.11%, the payment is about $2,604 a month. Keeping that under 28% of gross income takes about $111,586 a year.
More about Elma
- Mortgage Refinance in Elma
- Debt Relief in Elma
- Home Equity Loans in Elma
- 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