Research / Rent vs. buy / Washington / Spokane Valley

Rent or buy in Spokane Valley?
Renting is $1,410 a month cheaper.

Renting the typical home in Spokane Valley costs $1,410 less a month than owning it. Even counting equity and price growth, buying does not come out ahead of renting and investing the difference within 30 years under our baseline assumptions.

Updated November 12, 2026 · Zillow data for September 2026 · 7.11% mortgage rate (Freddie Mac, November 12, 2026) · Rank 245 of 339 (1 = owning closest to renting) · Part of our 2026 rent vs. buy study

Monthly cost to own$2,935typical home, 20% down
Typical monthly rent$1,525Zillow, September 2026
Buying breaks even30+ years3.5% price growth
Cash needed to buy$93,830$407,956 home · 20% down + 3% closing
Income needed to own$117,419vs. $61,000 to rent · 30% rule

Where the monthly money goes.

The first-month cost of owning the typical Spokane Valley home, split into its parts, against the typical rent. About $262 of the first mortgage payment is principal, which you keep as equity.

The median household income in Spokane Valley is $74,042 (Census ACS 2020–2024). Owning the typical home would take 48% of it; renting would take 25%.

As a check with a larger rental, HUD's FY2027 Fair Market Rent for a three-bedroom home in the Spokane, WA HUD Metro FMR Area area is $2,047 a month, still $888 below the cost of owning.

  • Mortgage principal & interest $2,195
  • Property tax $297
  • Home insurance $103
  • Maintenance $340

How long you would need to stay.

Net worth of a buyer compared with a renter who invests the down payment, closing costs and any monthly savings at 6% a year. Home values and rents grow 3.5% a year; selling costs 6%.

Change the assumptions

Buying vs. renting in Spokane Valley, by years in the home
StayResult
3 yearsRenting ahead by $57,189
5 yearsRenting ahead by $72,718
7 yearsRenting ahead by $89,933
10 yearsRenting ahead by $119,298
15 yearsRenting ahead by $179,342
20 yearsRenting ahead by $256,422
30 yearsRenting ahead by $479,984

Rent or buy elsewhere in Washington.

Other large Washington cities in the study.

All cities
SeattleRenting $3,524/mo cheaperSpokaneRenting $1,326/mo cheaperTacomaRenting $1,705/mo cheaperVancouverRenting $1,746/mo cheaperBellevueRenting $6,773/mo cheaperKentRenting $2,552/mo cheaperEverettRenting $2,496/mo cheaperRentonRenting $2,893/mo cheaper

More on Spokane Valley

See the full Spokane Valley rental market profile with Census medians, or check how a typical rental performs for an investor in our cash-flow ranking.

How we calculated this

Price is the Zillow Home Value Index and rent the Zillow Observed Rent Index for Spokane Valley. The cost of owning includes principal and interest at 7.11% with 20% down, property tax at the city's 0.87% effective rate (Census ACS), the Washington average homeowners premium (NAIC 2023) and 1% yearly maintenance. It leaves out income-tax effects, HOA dues and utilities. The typical rental may be smaller than the typical home for sale. Full methodology. This is a citywide estimate, not advice about a specific home.