Seattle, WA

Rent vs buy in Seattle

Median home $673,500. A 1 bedrooms rents for $1,761 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,761; per month
Own the median home: $4,517; P&I, tax, insurance, upkeep
Owning costs extra: $2,756; per month, same metro

What a purchase actually costs

20% down payment$134,700
Mortgage at 6.5%$3,406
Property tax (0.88% of value)$494/mo · $5,927/yr
Insurance and upkeep (1.1%/yr)$617
Total monthly ownership$4,517

Census ACS 2023: 46.7% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $3,406 left over a month, it takes about 40 months (3.3 years) to save $134,700 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.