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Quick answer

At current rates, renting wins over the full 30-year horizon in Seattle. Monthly ownership cost $5,455 (vs $$2,750/mo rent) plus WA's 0.98% property tax make the math tough.

Rent vs Buy · WA

Rent vs Buy in Seattle (2026)

Real math using WA's 0.98% property tax rate, $1,200/year average insurance, and a 6.8% 30-year fixed mortgage. Accounts for opportunity cost — what the down payment would earn invested at 7%.

Last updated: April 23, 2026

Verdict at current rates

Renting wins (30-year horizon)

In Seattle at WA's tax rates and current 6.8% mortgages, keeping the down payment invested at 7% beats homeownership even after 30 years. The standard advice "buy to build equity" doesn't apply here at today's price-to-rent ratio.

Monthly Cost Breakdown

Buying

$5,455/mo

Mortgage P&I

$624,000 loan, 30yr @ 6.8%

$4,068

Property tax

0.98% of assessed (WA avg)

$637

Homeowners insurance

$1,200/yr WA avg

$100

Maintenance

1%/yr of home value

$650

Cash at close: ~$175,500 ($20% down + fees)

Renting

$2,750/mo

2BR rent (median)

Seattle market rate

$2,750

Renters insurance

~$15/mo typical

$15

Down payment invested

$156,000 growing at 7%/yr

(opportunity cost)

Monthly gap: $2,705 cheaper than buying. Renter invests that difference.

Year-by-Year Net Position

"Buy wins by" = what you'd clear selling the home minus what the renter has in investments. Positive = buy ahead.

YearHome valueBuyer equity (net)Renter portfolio (net)Buy wins by
Year 5$904,234$-225,683+$224,849$-450,532
Year 10$1,048,255$-330,453+$348,193$-678,646
Year 15$1,215,215$-387,046+$552,232$-939,278
Year 30$1,893,265$-47,661+$2,108,592$-2,156,253

Assumptions

Every rent-vs-buy calculator depends on the assumptions. Here are ours — all transparent, none cherry-picked to bias the answer.

Home price$780K (Seattle median)
2BR rent$2,750/mo (Seattle median)
Down payment20%
Mortgage rate6.8% 30-yr fixed (current market)
Property tax0.98% (WA effective avg)
Insurance$1,200/yr (WA avg)
Maintenance1%/yr of home value
Home appreciation3%/yr
Rent growth3%/yr
Investment return7%/yr (S&P real, long-term avg)
Buy closing costs2.5% of home value
Sell closing costs6.0% (realtor + transfer)

This is a rule-of-thumb calculator. Real decisions involve your specific tax bracket, any HOA, mortgage points, closing-cost negotiations, and exact loan terms.

Frequently Asked Questions

Is it better to rent or buy in Seattle?

In Seattle at current mortgage rates (6.8%), renting and investing the down payment beats buying for the full 30-year horizon. Median monthly ownership costs ($5,455) well exceed median 2BR rent ($2,750), and WA's 0.98% property tax makes the math especially tough.

What's the monthly cost of owning a home in Seattle?

On a median $780K home with 20% down at 6.8% fixed rate: mortgage P&I $4,068, property tax $637 (0.98% of assessed value), homeowners insurance $100 (WA average $1,200/year), and maintenance $650 (1% of home value/year). Total: $5,455/month.

How much down payment do I need to buy in Seattle?

20% down on a median Seattle home ($780K) is $156,000. Plus closing costs of roughly 2.5% ($19,500). Total cash-to-close: about $175,500. FHA loans allow 3.5% down ($27,300) but require mortgage insurance that adds ~$304/month.

What's the 10-year cost of renting vs buying in Seattle?

Over 10 years in Seattle: renters pay $378,308 in cumulative rent but have $726,501 invested (assuming 7% return on the $156,000 down payment + monthly savings). Buyers have paid $782,890 in total ownership costs and hold $515,332 in home equity. Net: renting is ahead by $678,646 at year 10.