Picture a cozy one-bedroom apartment in the heart of Redmond, Washington. Hardwood floors gleam in the sunlight streaming through the living room windows. The galley kitchen features modern appliances and sleek countertops. It’s the perfect starter home for a young professional working at one of the many tech companies in the area. But how much does an apartment like this typically cost in Redmond compared to a house? Let’s take a closer look at the cost of living in an apartment vs house in Redmond and what you can expect to spend on housing in this vibrant Seattle suburb.
The Housing Market in Redmond Today
Redmond’s housing market has been on an upward trajectory in recent years, fueled by the city’s strong job market and influx of high-earning tech workers. The median home price in Redmond currently sits at $1.2 million, a 20% increase from just five years ago. On the rental side, the average rent for a one-bedroom apartment is around $2,200 per month, while a two-bedroom goes for about $2,800.
Despite the high costs, demand for housing in Redmond remains strong. Inventory is tight, with homes often selling within days of hitting the market. New apartment complexes are popping up downtown and in the Overlake neighborhood to keep pace with the growing population. Many of these developments feature luxury amenities like rooftop decks, fitness centers, and co-working spaces to appeal to the city’s young, affluent renters.
However, not all of Redmond is seeing skyrocketing prices. Neighborhoods further from the city center, like Education Hill and Grass Lawn, offer more affordable options for both renters and buyers. And with Microsoft’s recent announcement of flexible work policies, some residents are opting to move further out to get more space for their money.
Renting in Redmond: What’s Typical?
For renters in Redmond, expect to pay a premium for location and amenities. A basic one-bedroom apartment in an older complex can start around $1,800 per month, while a newer building with in-unit laundry and covered parking will likely cost over $2,000. Two-bedroom apartments range from $2,400 to over $3,000 for luxury units.
Popular renter areas include downtown, where you’ll find hip breweries and easy access to the Redmond Transit Center, and Overlake, which offers a quick commute to Microsoft and other tech employers. Young professionals make up a large portion of Redmond’s renter population, but there are also options for families, such as townhouse-style apartments with outdoor space.
While rent in Redmond has risen steadily in recent years, savvy renters can still find deals. Older complexes in neighborhoods like Grass Lawn often have lower prices, and opting for a unit without a view or on a lower floor can also trim costs. Some buildings offer move-in specials or discounts for longer leases.
Owning a Home in Redmond
For those looking to buy in Redmond, be prepared for a competitive market and high prices. The median home price of $1.2 million translates to a monthly mortgage of around $5,000, assuming a 20% down payment and a 30-year fixed loan at 3% interest. But that’s just the start of the costs of owning a home here.
Property taxes in Redmond are around 0.9% of a home’s assessed value, which adds about $900 per month for a median-priced home. Homeowners insurance runs around $80 per month, and many neighborhoods have HOA dues ranging from $200 to $500 per month. Utilities, maintenance, and repairs are additional costs to factor in.
For a more affordable option, consider a condo or townhouse. These properties have lower price points than single-family homes but often come with higher HOA fees. And be prepared to act fast when a home hits the market — many sell within a week, often with multiple offers.
Renters vs. Homeowners: Who Lives Where?
Redmond has a homeownership rate of around 60%, higher than nearby Seattle but lower than some of the more suburban cities on the Eastside. Younger residents tend to rent, often in apartment complexes close to jobs or transit. Families and older residents are more likely to own homes, particularly in neighborhoods with good schools like Education Hill.
However, the high cost of housing in Redmond creates financial barriers to homeownership for many. Even high-earning tech workers can struggle to save up for a down payment on a median-priced home. This has led to a growing divide between renters and owners, with some long-time residents being priced out of the market.
Cultural factors also play a role in who rents versus owns. Some immigrant communities prioritize homeownership and multigenerational living, while other groups may prefer the flexibility of renting. And as remote work becomes more common, some are choosing to rent in Redmond while buying a home in a lower-cost area.
| Housing Cost | Apartment (1BR) | House (Median Price) |
|---|---|---|
| Rent/Mortgage | $2,200 | $5,000 |
| Property Tax | – | $900 |
| Insurance | $15 | $80 |
| Utilities | $100 | $300 |
| HOA Dues | – | $350 |
| Total | $2,315 | $6,630 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
The main factor driving Redmond’s high housing costs is the booming job market, led by the tech industry. Major employers like Microsoft, Amazon, and Facebook have large presences here, attracting well-paid workers who can afford higher rents and home prices. This demand, combined with limited housing supply, has led to rapid price growth.
Zoning and land use policies also impact costs. Much of Redmond is zoned for single-family homes, limiting the development of denser, more affordable housing options. However, the city has taken steps in recent years to allow more multi-family construction, particularly downtown and near transit hubs.
Other factors, like low interest rates and the influx of remote workers during the pandemic, have further fueled demand and pushed prices up. And with major projects like the redevelopment of the Overlake Village area and the expansion of light rail underway, Redmond’s housing market shows no signs of cooling.
FAQs About Housing in Redmond
Is Redmond affordable to live in?
Redmond is one of the pricier cities in the Seattle area, with housing costs well above the national average. However, many residents feel the high quality of life, strong job market, and excellent schools make it worth the cost. Renting is more affordable than buying for most.
Why are housing prices so high?
Redmond’s housing prices have been driven up by the booming tech economy, limited housing supply, and desirable location. With major employers like Microsoft and Amazon attracting high-paid workers, demand for housing has outpaced supply, leading to rapid price growth.
How does the cost of living in Redmond compare to nearby cities?
Redmond is slightly less expensive than Bellevue and Kirkland, two other popular Eastside cities, but pricier than Bothell and Woodinville. Seattle is more expensive than Redmond for both renting and buying. However, Redmond’s housing costs are still well above the national average.
Making Smart Housing Decisions in Redmond
Whether you’re looking to rent an apartment or buy a house, understanding the cost of living in Redmond is key to making an informed decision. Renting is often more affordable than buying, especially for those early in their careers or unsure about long-term plans. But for those ready to put down roots, homeownership can offer stability and a chance to build equity, even with Redmond’s high prices.
As you budget for housing costs, don’t forget to factor in expenses beyond just rent or mortgage payments. Property taxes, insurance, HOA dues, and utilities can add up quickly, as the table above shows. And if you’re buying a home, be sure to budget for maintenance and repairs as well.
Finally, consider your lifestyle and priorities when choosing where to live in Redmond. Do you value a short commute or easy access to transit? Are walkable amenities like restaurants and parks important? Or do you prefer a quieter neighborhood with more space? Answering these questions can help guide your housing search.
For more information on budgeting for life in Redmond, check out our guide on How Much It Costs to Live in Redmond Each Month. And for a broader look at expenses in the city, see our Cost of Living in Redmond, WA: What You’ll Really Spend in 2025 article.