Are Starter Homes Really Over $1 Million? A Closer Look at Washington’s Housing Market
A recent analysis by Zillow is generating buzz, highlighting a dramatic shift in housing affordability across the U.S. The report finds that in 233 cities across 25 states, starter homes—defined as those in the bottom third of home values—now cost over $1 million.
Washington State is home to eight of these cities, up from seven just five years ago.
To put this into perspective, consider the financial burden of a $1 million home. With a modest $30,000 down payment and a 6.5% interest rate, monthly mortgage payments would total approximately $7,950—including private mortgage insurance (PMI) of 0.6%. For a lender requiring that housing costs not exceed 28% of a buyer’s income, a household would need to earn about $340,000 per year to qualify. Otherwise, buyers would need to significantly increase their down payment to reduce their monthly costs.
We all know the real estate mantra: location, location, location. So what do the numbers look like in Seattle and the surrounding region?
In March 2025, the average sale price of a single-family home (excluding condos) was:
These figures represent consistent year-over-year increases since 2023.
Data courtesy of Northwest Multiple Listing Service. © 2010–2025 ShowingTime Plus, LLC.
But averages can be misleading—especially in markets with a wide range of home prices. That’s why it’s helpful to look at the distribution of sales. Below is a breakdown of home sales above and below $1 million in four key Puget Sound cities in March 2025:
All information contained herein is copyright © 2025 NWMLS. All rights reserved. Matrix v12.4. Copyright © 2025 CoreLogic.
Yes, housing affordability is a growing concern, especially in high-demand areas. But while it’s true that one-third of homes in some Washington cities are listed above $1 million, many homes—particularly outside Bellevue—are still selling for less.
In other words, the million-dollar "starter home" may be a reality in some places, but not everywhere.
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