Bellingham, WA

Rent vs buy in Bellingham

Median home $536,100. A 1 bedrooms rents for $1,481 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,481; per month
Own the median home: $3,519; P&I, tax, insurance, upkeep
Owning costs extra: $2,038; per month, same metro

What a purchase actually costs

20% down payment$107,220
Mortgage at 6.5%$2,711
Property tax (0.71% of value)$317/mo · $3,806/yr
Insurance and upkeep (1.1%/yr)$491
Total monthly ownership$3,519

Months of leftover to save the down payment

At $2,258 left over a month, it takes about 48 months (4.0 years) to save $107,220 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.