The typical owner-occupied home in Monroe is worth about $668,400, 18% above the Washington median of $564,600 and 2.0 times the national median of $332,700. Owners pay a median $4,547 a year in property taxes, about 0.68% of their home's value, lower than the Washington rate of 0.81%. The median household earns $110,461 a year, so the median home costs 6.1 times the median income (5.8 times for Washington). 71% of occupied homes here are lived in by their owners, and 78% of those owners still have a mortgage.
Monroe at a glance
| Monroe | Washington | U.S. | |
|---|---|---|---|
| Median home value | $668,400 | $564,600 | $332,700 |
| Median property tax paid per year | $4,547 | $4,556 | $3,119 |
| Property tax as a share of value | 0.68% | 0.81% | 0.94% |
| Median household income | $110,461 | $98,141 | $80,734 |
| Homes lived in by their owners | 71% | 64% | 65% |
| Owner homes with a mortgage | 78% | 66% | 61% |
| Median monthly costs, owners with a mortgage | $2,601 | $2,445 | $1,963 |
| Those costs as a share of the owners' income | 25.9% | 22.2% | 21.0% |
| Median rent | $1,950 | $1,760 | $1,413 |
| Rent as a share of renters' income | 30.2% | 30.0% | 30.6% |
| Median year homes were built | 1997 | 1985 | 1980 |
| Vacant homes | 1.4% | 7.3% | 10.1% |
| Population | 19,755 | 7,816,116 | 334,922,499 |
What a typical home costs per month in Monroe
At this week's average 30-year rate of 7.11%, buying the median Monroe home of $668,400 with 20% down costs about $4,254 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $5,368, 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 $182,330 for the 20%-down payment. That payment is 46% of the median Monroe household income of $110,461; at that income and 20% down, the 28% guideline points to a home of about $405,000.
The median rent here is $1,950 a month, so owning the median home costs about $2,304 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $133,680 |
|---|---|
| Loan amount | $534,720 |
| Principal and interest | $3,597 |
| Property taxes (0.68% a year) | $379 |
| Homeowners insurance (our estimate, 0.5% a year) | $278 |
| PMI | $0 |
| Total per month | $4,254 |
Change the numbers in the calculator
| Down payment | $23,394 |
|---|---|
| Loan amount | $656,294 |
| Principal and interest | $4,415 |
| Property taxes (0.68% a year) | $379 |
| Homeowners insurance (our estimate, 0.5% a year) | $278 |
| FHA mortgage insurance | $296 |
| Total per month | $5,368 |
Change the numbers in the calculator
Questions about home buying in Monroe
What is the median home value in Monroe?
About $668,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Monroe?
Homeowners pay a median $4,547 a year, which is about 0.68% 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 Monroe?
For the median home with 20% down at 7.11%, the payment is about $4,254 a month. Keeping that under 28% of gross income takes about $182,330 a year.
More about Monroe
- Mortgage Refinance in Monroe
- Debt Relief in Monroe
- Home Equity Loans in Monroe
- 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