Longview, WA

Rent vs buy in Longview

Median home $367,400. A 1 bedrooms rents for $1,055 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,055; per month
Own the median home: $2,443; P&I, tax, insurance, upkeep
Owning costs extra: $1,388; per month, same metro

What a purchase actually costs

20% down payment$73,480
Mortgage at 6.5%$1,858
Property tax (0.81% of value)$248/mo · $2,976/yr
Insurance and upkeep (1.1%/yr)$337
Total monthly ownership$2,443

Months of leftover to save the down payment

At $2,518 left over a month, it takes about 30 months (2.5 years) to save $73,480 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.