Mount Vernon, WA

Rent vs buy in Mount Vernon

Median home $486,200. A 1 bedrooms rents for $1,663 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,663; per month
Own the median home: $3,236; P&I, tax, insurance, upkeep
Owning costs extra: $1,573; per month, same metro

What a purchase actually costs

20% down payment$97,240
Mortgage at 6.5%$2,458
Property tax (0.82% of value)$332/mo · $3,987/yr
Insurance and upkeep (1.1%/yr)$446
Total monthly ownership$3,236

Months of leftover to save the down payment

At $2,257 left over a month, it takes about 44 months (3.7 years) to save $97,240 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.