Rent vs buy in Olympia, WA
In Olympia, Washington, typical rent is $1,969 /mo and typical home value is $526,205.
Renting comes out ahead by $39k over 7 years
Today's mortgage rate and 20% down are part of the math, along with Olympia's typical rent and the home value there. Break-even point: year 12.
Clearly labelled opinion, with the math shown. These are estimates, not quotes. The stamp updates when you change a number.
- Rent is ahead by
- $39k after 7 years
- Break-even point
- In year 12 when owning catches up
- Real cost to own
- $4,532 each month year 1, against $1,969 rent
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In Olympia, is renting or buying cheaper?
Counting what you get back when you sell, renting costs $38,540 less over 7 years. For the first 11 years, renting costs less. In year 12, owning catches up.
Rent. Buy. So far, net cost by year.
Average rent compared with average mortgage payment in Olympia
At Olympia's typical price, year 1 monthly costs include rent and the mortgage, plus everything else.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,969 | All of it, every month |
| Mortgage payment | $2,869 | $2,529 of it is interest in year 1 |
| Property tax | $395 | 0.9% of the value a year |
| Insurance | $96 | Census median for the city |
| Upkeep | $439 | 1% of the value a year |
| Owning, cash out | $3,798 | $340 of it builds equity |
| Lost return on the down payment | $855 | Amount the cash would earn yearly at 8.3% |
| Buying costs, spread out | $219 | 3.5% of the price over 7 years |
| True cost of owning | $4,532 | Cash out minus the equity share, plus both lines listed above |
Figures behind Olympia's verdict
- Typical home valueZillow ZHVI, September 2026
- $526,205
- Typical rentZillow ZORI, September 2026
- $1,969 /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, Olympia
- 0.9% of value
- Home insuranceCensus ACS 2020-2024, Olympia
- $96 /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 could change the result in Olympia?
Each line marks a threshold where Olympia's 7-year verdict flips, with every other value unchanged.
Renting comes out ahead when
- Home prices grow by less than 6.1% a year; we use Washington's long-run rate of 5.3%.
- The mortgage rate remains above 5.94%.
- Similar homes rent below $2,380 each month (typical here: $1,969).
- Moving before year 12.
Buying comes out ahead when
- Annual home price growth runs above 6.1%.
- You lock in a mortgage rate under 5.94% (today's is 7.24%).
- The same home would cost over $2,380 a month to rent.
- You remain there for 12 years or longer.
Olympia compared with the other 812 cities
| Measure | Olympia | Median city |
|---|---|---|
| Typical home value | $526,205 | $422,451 |
| Typical rent | $1,969 /mo | $1,837 /mo |
| Price-to-rent ratio | 22.3 (#233 of 813) | 18.5 |
| Home prices, last 10 years | 6.5% a year | 6.2% a year |
| Rents, last 5 years | 3.7% a year | 4% a year |
| Property tax | 0.90% | 0.87% |
| Households that rent | 50% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Washington
- Rent. Seattle, WA. By $128k, renting comes out ahead.
- Rent. Spokane, WA. By $26k, renting comes out ahead.
- Rent. Tacoma, WA. By $41k, renting comes out ahead.
- Rent. Vancouver, WA. By $39k, renting comes out ahead.
- Rent. In Bellevue, WA, renting wins by $294k.
- Rent. In Kent, WA, renting wins by $83k.
- Rent. In Everett, WA, renting wins by $77k.
- Renting wins by $30k in Spokane Valley, WA.
- Renting wins by $92k in Renton, WA.
- In Federal Way, WA, renting wins by $61k.
- In Yakima, WA, renting wins by $27k.
- Rent. In Bellingham, WA, renting wins by $85k.