The typical owner-occupied home in Redmond is worth about $1,167,800, 2.1 times the Washington median of $564,600 and 3.5 times the national median of $332,700. Owners pay a median $8,711 a year in property taxes, about 0.75% of their home's value, lower than the Washington rate of 0.81%. The median household earns $162,560 a year, so the median home costs 7.2 times the median income (5.8 times for Washington). 43% of occupied homes here are lived in by their owners, and 66% of those owners still have a mortgage.
Redmond at a glance
| Redmond | Washington | U.S. | |
|---|---|---|---|
| Median home value | $1,167,800 | $564,600 | $332,700 |
| Median property tax paid per year | $8,711 | $4,556 | $3,119 |
| Property tax as a share of value | 0.75% | 0.81% | 0.94% |
| Median household income | $162,560 | $98,141 | $80,734 |
| Homes lived in by their owners | 43% | 64% | 65% |
| Owner homes with a mortgage | 66% | 66% | 61% |
| Median monthly costs, owners with a mortgage | $3,798 | $2,445 | $1,963 |
| Those costs as a share of the owners' income | 19.4% | 22.2% | 21.0% |
| Median rent | $2,409 | $1,760 | $1,413 |
| Rent as a share of renters' income | 23.3% | 30.0% | 30.6% |
| Median year homes were built | 1993 | 1985 | 1980 |
| Vacant homes | 5.7% | 7.3% | 10.1% |
| Population | 77,353 | 7,816,116 | 334,922,499 |
What a typical home costs per month in Redmond
At this week's average 30-year rate of 7.11%, buying the median Redmond home of $1,167,800 with 20% down costs about $7,501 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $9,634, 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 $321,478 for the 20%-down payment. That payment is 55% of the median Redmond household income of $162,560; at that income and 20% down, the 28% guideline points to a home of about $591,000.
The median rent here is $2,409 a month, so owning the median home costs about $5,092 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $233,560 |
|---|---|
| Loan amount | $934,240 |
| Principal and interest | $6,285 |
| Property taxes (0.75% a year) | $730 |
| Homeowners insurance (our estimate, 0.5% a year) | $487 |
| PMI | $0 |
| Total per month | $7,501 |
Change the numbers in the calculator
| Down payment | $40,873 |
|---|---|
| Loan amount | $1,146,648 |
| Principal and interest | $7,714 |
| Property taxes (0.75% a year) | $730 |
| Homeowners insurance (our estimate, 0.5% a year) | $487 |
| FHA mortgage insurance | $704 |
| Total per month | $9,634 |
Change the numbers in the calculator
Questions about home buying in Redmond
What is the median home value in Redmond?
About $1,167,800 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Redmond?
Homeowners pay a median $8,711 a year, which is about 0.75% 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 Redmond?
For the median home with 20% down at 7.11%, the payment is about $7,501 a month. Keeping that under 28% of gross income takes about $321,478 a year.
More about Redmond
- Mortgage Refinance in Redmond
- Debt Relief in Redmond
- Home Equity Loans in Redmond
- 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