When people think of REALTORS®, they often picture professionals helping clients buy or sell homes. But there’s another side to their work that’s just as important: advocacy. ABuying a home has always been a meaningful financial milestone. But in recent years, buying a house in Snohomish County has become more complex and more costly than ever before. With property values steadily climbing and competition among buyers remaining high, it’s essential to understand the financial landscape before stepping into the market — especially for first-time buyers hoping to call this area home.
Today, the average home in Snohomish County costs approximately $766,000, with the median sale price coming in just over $693,000. Even modest-sized homes in smaller communities have seen significant price hikes. In the city of Snohomish, for example, the median price of a single-family home comes in at $874,277. Lake Stevens isn’t far behind at about $725,535, and even Gold Bar—once considered a more affordable option—now sees home prices around $550,000. These numbers reflect more than a thriving real estate market; they signal a growing affordability challenge for the region.
The cost of a home is only part of the equation. Buyers must also come prepared with a down payment and funds for closing costs. For conventional loans, which often require a 20% down payment to avoid private mortgage insurance (PMI), a buyer would need roughly $160,000 upfront for a home priced at the county average. Even an FHA loan, which allows for a more modest 3.5% down, would still require nearly $29,000—before factoring in closing costs, which can add another $16,000 to $40,000 to the overall price tag. Altogether, purchasing an average home could mean paying close to $188,000 out of pocket just to get through the front door.
This high barrier to entry has understandably left many aspiring homeowners feeling discouraged. Fortunately, there are programs in place that can help reduce some of these upfront costs. With the help of such initiatives, some buyers may be able to reduce their total upfront costs significantly.
However, these programs alone cannot solve the broader issue: the gap between home prices and household incomes is widening, and homeownership is increasingly out of reach for those households around the median income.
What’s happening in Snohomish County is a reflection of a statewide and national crisis. We need more than temporary relief—we need a long-term strategy to address the root causes of housing unaffordability. That means rethinking land use policies, increasing the supply of diverse housing types, streamlining permitting processes, and investing in infrastructure that supports smart growth. It also means expanding assistance programs to help middle-income families who often fall through the cracks.
For more information about buying or selling a home, be sure to work with a REALTOR®, a member of the National Association of REALTORS®. Snohomish County Camano Association of REALTORS® is the voice for real estate in Snohomish County. If you have questions for The Expert about real estate email us at [email protected], or visit www.sccar.org for more information.
