Rent vs buy in Spokane, WA
A typical rent runs $1,483 /mo, and a typical home costs $392,803, in Spokane, Washington.
Over 7 years, renting wins by $26k
Using Spokane's typical rent, its home value, 20% down and today's mortgage rate. The break-even point falls in year 11.
An opinion with the math shown, clearly labelled. These are estimates, not quotes. If you change a number, the stamp changes.
- Renting leads by
- $26k after 7 years
- Break-even point
- the 11th year when owning catches up
- The true cost of owning
- $3,370 a month year 1, against $1,483 rent
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The stamp takes Spokane's typical rent and home value as inputs. Your rent, price and years can flip the result.
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Is it cheaper to rent or buy in Spokane?
Count the money that comes back to you when you sell, and renting is $26,007 cheaper over 7 years. For the first 10 years, renting costs less. Ownership catches up during year 11.
The choice to rent. The choice to own. Net cost through each year.
Average rent compared with mortgage payment in Spokane
Rent and the mortgage don't tell the whole story, so every monthly cost in year 1 is listed at Spokane's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,483 | All of it, every month |
| Mortgage payment | $2,142 | $1,888 of it is interest in year 1 |
| Property tax | $265 | 0.81% of the value a year |
| Insurance | $88 | Census median for the city |
| Upkeep | $327 | 1% of the value a year |
| Owning, cash out | $2,822 | $254 of it builds equity |
| Lost return on the down payment | $638 | At 8.3% a year, this is what the cash would earn. |
| Buying costs, spread out | $164 | 3.5% of the price over 7 years |
| True cost of owning | $3,370 | Cash out, with the equity part removed and the two lines above added. |
The Spokane verdict, explained by the numbers
- Typical home value, Zillow ZHVI, September 2026
- $392,803
- Typical rent, Zillow ZORI, September 2026
- $1,483 a month
- Down payment: a 20% payment avoids private mortgage insurance, but the engine does not model it
- 20%
- Mortgage rate: Freddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Growth in home pricesFHFA index of house prices, Washington, 1995 to 2025
- 5.3% each year
- Rent growthCPI primary residence rent, yearly growth 2006 to 2026
- Annual rate: 3.5%
- Savings return60% S&P 500, including dividends, and 40% 10-year Treasuries, rebalanced each year, 1928 to 2025
- Annual return: 8.3%
- Local property tax: Census ACS 2020-2024, Spokane
- Percentage of value: 0.81%
- Cost of home insurance: Census ACS 2020-2024, Spokane
- Monthly: $88 /mo
- Maintenance: Fannie Mae, 1% to 4% at the low end
- Each year, 1% of value
- Costs of buying: Freddie Mac, middle of 2% to 5%
- Price basis: 3.5%
- Sale expenses: Agent commission plus closing costs
- Percentage of price: 6%
What would flip the result in Spokane?
Each line marks where Spokane's 7-year verdict changes, while everything else stays as it is.
Renting comes out ahead when
- Home prices grow more slowly than 6.1% each year (we use 5.3%, the long-run rate for Washington's market).
- The rate on a mortgage stays above 6.06%.
- Monthly rent for a similar home is under $1,760 (typical here: $1,483).
- Your move happens before year 11.
Buying comes out ahead when
- Annual home price growth exceeds 6.1%.
- You lock in a mortgage rate under 6.06% (the rate today is 7.24%).
- Monthly rent on that same home would run you more than $1,760.
- You remain 11 years or longer.
Spokane compared with the other 812 cities
| Measure | Spokane | Median city |
|---|---|---|
| Typical home value | $392,803 | $422,451 |
| Typical rent | $1,483 /mo | $1,837 /mo |
| Price-to-rent ratio | 22.1 (#242 of 813) | 18.5 |
| Home prices, last 10 years | 8.1% a year | 6.2% a year |
| Rents, last 5 years | 2.2% a year | 4% a year |
| Property tax | 0.81% | 0.87% |
| Households that rent | 41% | 42% |
Source data: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other Washington cities
- Renting leads by $128k in Seattle, WA.
- Renting leads by $41k in Tacoma, WA.
- Renting leads by $39k in Vancouver, WA.
- Renting leads by $294k in Bellevue, WA.
- Renting leads by $83k in Kent, WA.
- Renting leads by $77k in Everett, WA.
- Renting leads by $30k in Spokane Valley, WA.
- Renting leads by $92k in Renton, WA.
- Renting leads by $61k in Federal Way, WA.
- Renting comes out ahead in Yakima, WA by $27k.
- Renting comes out ahead in Bellingham, WA by $85k.
- Renting comes out ahead in Kirkland, WA by $218k.