Rent vs Buy in Spokane, WA
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Renting looks favorable in Spokane, WA
Price-to-rent ratio is 23.2 (under 15 favors buying, over 21 favors renting). Renting costs $1,444/mo; owning runs about $3,002/mo — $1,558/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.95% rate) | $2,130 |
| Property tax | $369 |
| Home insurance | $168 |
| Maintenance | $335 |
| Total to own | $3,002 |
| Average 2BR rent | $1,444 |
Based on a median home value of $402,314 with a $80,463 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.