Olympia, WA

Rent vs buy in Olympia

Median home $451,500. A 1 bedrooms rents for $1,575 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,575; per month
Own the median home: $3,036; P&I, tax, insurance, upkeep
Owning costs extra: $1,461; per month, same metro

What a purchase actually costs

20% down payment$90,300
Mortgage at 6.5%$2,283
Property tax (0.90% of value)$339/mo · $4,063/yr
Insurance and upkeep (1.1%/yr)$414
Total monthly ownership$3,036

Months of leftover to save the down payment

At $2,811 left over a month, it takes about 33 months (2.8 years) to save $90,300 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.