Rent vs buy in Lakewood, WA
In Lakewood, Washington, typical rent is $1,734 /mo and typical home value is $510,189.
Renting comes out $56k ahead over 7 years
Today's mortgage rate and 20% down apply here, along with Lakewood's typical rent and home value. The break-even point is year 15.
Clearly marked opinion, with the math shown. These are estimates, not quotes. The stamp updates when you change a number.
- How far renting leads
- $56k after 7 years
- Point where costs match
- At year 15 when owning catches up
- What owning really costs
- $4,417 per month year 1, against $1,734 rent
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Lakewood's typical rent and home value drive the stamp. Your rent, price and time period can change the result.
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Is renting or buying cheaper in Lakewood?
Over 7 years, renting costs $55,885 less once you count the money you get back when you sell. For the first 14 years, renting costs less. By year 15, owning catches up.
Rent. Cost of owning Net cost, year by year, up to now.
Rent and mortgage payment averages in Lakewood
Rent and mortgage payments don't cover everything. Here are all monthly costs in year 1, based on Lakewood's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,734 | All of it, every month |
| Mortgage payment | $2,782 | $2,452 of it is interest in year 1 |
| Property tax | $400 | 0.94% of the value a year |
| Insurance | $99 | Census median for the city |
| Upkeep | $425 | 1% of the value a year |
| Owning, cash out | $3,705 | $330 of it builds equity |
| Lost return on the down payment | $829 | At 8.3% a year, that's what the cash would earn. |
| Buying costs, spread out | $213 | 3.5% of the price over 7 years |
| True cost of owning | $4,417 | Cash out, minus equity, plus both items listed above |
Numbers behind Lakewood's verdict
- Typical home valueZillow ZHVI, September 2026
- $510,189
- Typical rentZillow ZORI, September 2026
- $1,734 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, Washington, 1995 to 2025
- 5.3% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Lakewood
- 0.94% of value
- Home insuranceCensus ACS 2020-2024, Lakewood
- $99 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would make it flip in Lakewood?
Each line shows where Lakewood's 7-year verdict changes, with everything else held the same.
When renting comes out ahead
- Home prices grow at less than 6.5% a year; 5.3%, Washington's long-run rate, is the figure we use.
- The mortgage rate remains above 5.29%.
- A similar home rents below $2,330 each month (typical here: $1,734).
- Your move comes before year 15.
When buying comes out ahead
- Home prices grow more than 6.5% each year.
- You secure a mortgage rate under 5.29% (today's is 7.24%).
- The monthly rent for that same home would run you more than $2,330.
- You remain in the home for 15 years or more.
How Lakewood compares with 812 other cities
| Measure | Lakewood | Median city |
|---|---|---|
| Typical home value | $510,189 | $422,451 |
| Typical rent | $1,734 /mo | $1,837 /mo |
| Price-to-rent ratio | 24.5 (#153 of 813) | 18.5 |
| Home prices, last 10 years | 7.3% a year | 6.2% a year |
| Rents, last 5 years | 2.7% a year | 4% a year |
| Property tax | 0.94% | 0.87% |
| Households that rent | 52% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Washington
- Renting comes out ahead by $128k in Seattle, WA.
- Renting comes out ahead by $39k in Vancouver, WA.