Spokane, WA

Rent vs buy in Spokane

Median home $365,700. A 1 bedrooms rents for $1,206 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,206; per month
Own the median home: $2,446; P&I, tax, insurance, upkeep
Owning costs extra: $1,240; per month, same metro

What a purchase actually costs

20% down payment$73,140
Mortgage at 6.5%$1,849
Property tax (0.86% of value)$262/mo · $3,145/yr
Insurance and upkeep (1.1%/yr)$335
Total monthly ownership$2,446

Census ACS 2023: 48.9% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $2,582 left over a month, it takes about 29 months (2.4 years) to save $73,140 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.