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“How much house can I afford?” and “how much house can I get approved for?” are two very different questions — and mixing them up is the single most common budgeting mistake I see first-time and move-up buyers make. Here’s how to think through it with real South King County numbers.
Where Prices Actually Stand Right Now
As of mid-2026, median sale prices across South King County break down roughly like this: Auburn around $615,000, Federal Way around $625,000, Kent around $655,000, and Renton around $670,000. Federal Way has seen the strongest appreciation this year (+7.6% year-over-year), while Renton’s median has actually softened slightly (-7.6%) as that market cools from a hotter stretch. These are city-wide medians — individual neighborhoods and property types swing well above and below them.
What Today’s Rates Mean for Your Payment
As of early September 2026, the average 30-year fixed mortgage rate is running around 6.8%, with 15-year fixed loans closer to 6.0%. Rate matters as much as price: on a $625,000 home with 10% down, the difference between a 6.5% and a 7.5% rate is several hundred dollars a month. This is exactly why I built a free mortgage calculator — plug in the actual price, your down payment, and current rates, and you’ll see your real estimated monthly payment, including property tax, insurance, and any HOA dues.
A Simple Framework for Your Budget
A widely used starting point is the 28/36 rule: aim to keep your total housing payment (principal, interest, taxes, insurance, and HOA) at or under about 28% of your gross monthly income, and your total debt payments — housing plus car loans, student loans, credit cards — under about 36%. Lenders will often qualify you for more than this, especially with strong credit, but “what I can get approved for” and “what I’m comfortable actually paying every month” are not the same number. Build your own budget first, then let your pre-approval confirm it — not the other way around.
Don’t Forget the Full Monthly Payment
Your mortgage payment is only part of the picture. Property taxes in King County typically run in the neighborhood of 0.9-1.1% of assessed value annually, homeowners insurance varies by home age and location, and many newer communities carry an HOA. All of these are included in the calculator so you’re budgeting for the real number, not just principal and interest.
Get a Number You Can Actually Use
Run your own scenario with the mortgage calculator, then let’s talk about what that number actually buys in Kent, Auburn, Federal Way, or Renton right now. Email me at bmackcoldwell@gmail.com and I’ll help you turn a budget into a real search.
