Architecture is not a lucrative field when you are just starting out. I would argue it isn't lucrative at all, or only to a small percentage of firm owners.

So, be mindful of what your debt repayment looks like. Most folks on this forum will tell all grad students to attend the cheapest school you get into.  

Some states are now requiring job postings to list a salary/compensation range. Washington State is one of those. Maybe research current job postings in wage transparency states and then look at cost of living indexes in those cities to see how compensation and living expenses measure up... then add for student loan payments and see how the math works out.

For Seattle, it looks like a licensed architect with 10 years of experience can expect to earn between $85K and $110K. Someone just out of school I would guess would be in the $50K range.

For reference, the minimum wage in Seattle is $16.28. At full time (2,000 hours a year) that is $33,660. Entry level architecture will pay more than that, but not much, maybe 20% more. 

Just remember, no arch degree is worth 50,000 (or more)... total.  Even that number is absurd.  

Depending on what you'd be doing for the next year, I don't see many downsides to not attending and applying elsewhere.

Now that you've gone through one admission cycle, you're in an even better position to do it again. It's very advantageous to study where you'd like to live. You'll also get more time to perfect your portfolio and add more materials.

Finally, money. Unfortunately, it might be best to assume you won't receive any funding, i.e. grants. Let alone grants that are guaranteed for the whole program. They only offer those to a handful of the very best students that they know will be considering other programs. And as you guessed, grad programs aren't concerned with family income. They assume all college grads are financially independent adults, which is a whole other conversation entirely...

Instead look at tuition, residency rules for state schools, cost of living, teaching or work positions in the school, competitive scholarships for continuing students, and how much debt you're comfortable with. There are lots of great programs at non-Ivy prices, but you have to do a lot of research. A year's worth, definitely! Good luck.

Keep in mind that the average starting salary for an architectural intern is $44k a year.  More in major metro areas like NYC ($75k), however the cost of living is much, much higher.  

Thank you all for the advice! It was super helpful. After speaking to the department coordinator about my concerns they offered me a much higher offer (I would now be paying about 40k in total for a 3.5 year program) which seems a lot more reasonable. I am really interested in architecture and the career pathways it might offer, but I am still feeling hesitant after reading other forum posts about the difficulty of the education, struggles in the job market, and low pay. So, I guess I am now wondering if the whole process is even worth it? 

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forget an M.Arch, get yourself an M.RED. Make real stuff happen with a higher salary too. While still being in the industry.