Rent vs buy in Redmond, WA

In Redmond, Washington, the typical home runs $1,293,017 and the typical rent $2,577 /mo.

Rent

Over 7 years, renting comes out $278k ahead.

Using 20% down and today's mortgage rate with Redmond's typical rent and home value. No break-even within 30 years.

Our opinion, clearly labelled, with the math shown. These are estimates, not quotes. Adjust any number and the stamp updates.

Renting leads by: $278k
Break-even point: 30+ years
Real cost of owning: $10,832 a month

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The stamp draws on Redmond's usual rent figure and home value. Your own rent, price and years can flip the stamp.

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In Redmond, is it cheaper to rent or buy?

Count the money that comes back to you when you sell, and renting is cheaper by $277,781 over 7 years. In every year shown, renting's net cost sits below owning's, and owning never catches up within 30 years.

Rent. Own. Net cost to date, by year.

Average rent compared with mortgage payment in Redmond

Rent and the mortgage don't tell the whole story, so here are all the monthly costs at Redmond's typical price in year 1.

Each month, year 1	Amount	What it is
Rent	$2,577	All of it, every month
Mortgage payment	$7,050	$6,214 of it is interest in year 1
Property tax	$808	0.75% of the value a year
Insurance	$92	Census median for the city
Upkeep	$1,078	1% of the value a year
Owning, cash out	$9,027	$836 of it builds equity
Lost return on the down payment	$2,102	What that cash would earn yearly at 8.3%
Buying costs, spread out	$539	3.5% of the price over 7 years
True cost of owning	$10,832	Cash out, minus the equity part, plus the two lines listed above

Redmond's verdict, shown through the numbers

Typical home value: Zillow ZHVI, September 2026: $1,293,017
Typical rent: Zillow ZORI, September 2026: $2,577 a month
A 20% down payment means no private mortgage insurance. The engine does not model it.: 20%
Mortgage rate: Freddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US): 7.24%
Growth in home pricesFHFA house price index for Washington, 1995 to 2025: 5.3% each year
Rent growthYearly growth, CPI rent of primary residence, 2006 to 2026: 3.5% per year
Return on savings1928 to 2025, rebalanced yearly, 60% S&P 500 including dividends, 40% 10-year Treasuries: 8.3% per year
Tax on the property Census ACS 2020-2024, Redmond: 0.75% of the value
Insurance for the home Census ACS 2020-2024, Redmond: $92 per month
Maintenance Low end of 1% to 4%, Fannie Mae: 1% of the value each year
Buying costs Middle of 2% to 5%, Freddie Mac: 3.5% of the price
Selling costs Agent commission and closing costs: 6% of the price

What would change the verdict in Redmond?

Every line marks where the 7-year verdict for Redmond flips, and everything else stays as it is.

Renting comes out ahead when

Home prices rise by less than 7.7% each year, and we use Washington's long-run rate of 5.3%.
The mortgage rate stays higher than 3.37%.
Less than $5,550 a month covers rent for a home like this (typical here: $2,577).
If you move at any point over the next 30 years, owning still doesn't catch up at these numbers.

Buying comes out ahead when

Home prices climb by more than 7.7% a year.
You lock in a rate under 3.37% on your mortgage (the current one is 7.24%).
You would pay over $5,550 each month to rent the same home.

Redmond compared with the other 812 cities

Measure	Redmond	Median city
Typical home value	$1,293,017	$422,451
Typical rent	$2,577 /mo	$1,837 /mo
Price-to-rent ratio	41.8 (#8 of 813)	18.5
Home prices, last 10 years	7.7% a year	6.2% a year
Rents, last 5 years	2.9% a year	4% a year
Property tax	0.75%	0.87%
Households that rent	57%	42%

Data from: Zillow ZHVI and ZORI, Census ACS 2020-2024.

Cities elsewhere in Washington

For Seattle, WA: renting holds a $128k lead.
Rent verdict in Vancouver, WA: renting keeps a $39k edge.

Washington rent vs buy: the state's numbers