Homeownerships costs: Washington ranks 4th highest

SEATTLE - Washington homeownership costs rank as the fourth most expensive in the U.S. according to a recent study conducted by Cinch Home Services. The study analyzed the property taxes, mortgage payments, and maintenance fees for median-priced homes in each state to identify states most susceptive to high housing costs.

Washington residents pay approximately $48,881 per year in housing expenses.

In comparison, Washington housing costs are 55% higher than the national average, showing how much of a financial burden this plays on residents in the state.

The city of Seattle has seen a dramatic rise in housing costs over the last decade. City officials recently gave the green light to allow developers to turn vacant offices into housing to address the shortage of housing.

A median home in Washington State costs approximately $577,300, meaning Washingtonians are paying an average of $41,400 on a mortgage, and with property tax being rated at 0.87%, that adds another $5,000 and maintenance costs add up to that heavy cost at over $48,000.

This amount accounts for 54% of residents' income for a median household.

Washington isn’t the only state facing high costs; neighboring states, California and Oregon, are ranked 2 and 8 respectively. Hawaii was ranked as the highest state in housing costs, with a significant $65,185 being spent on housing expenses. West Virginia ranked as the lowest with $14,506.

The problem is nationwide and Cinch Home Services is asking people to address the problem in "a multipronged approach." Taking into consideration how low and middle income families could benefit from rental assistance programs as prices continue to rise.