Renting vs. Buying in Spokane: Which Is Right for You?

By Chelsea McFarlandCo-Founder, McFarland Prey Real Estate · Broker, Prime Real Estate Group

It's Not Just a Math Problem

Online rent-vs-buy calculators are a good start, but they can't tell you how long you'll stay, how stable your job feels or whether you're ready to fix a furnace. Those answers matter as much as the numbers.

One family I worked with had owned a home before, had a rough experience and rented for years afterward. With a growing family, they decided it was time to buy again, and we took it at their pace.

"Thankfully, Chelsea came into our lives and made an experience we were beyond nervous for, extremely enjoyable. We never felt any pressure from Chelsea to purchase a home."

Hales K., Google review

When Buying Makes Sense

• You plan to stay put for five years or more, which gives time to build equity and recover your buying and selling costs
• Your income is steady and your monthly payment feels comfortable, not stretched
• You'll still have savings left after your down payment and closing costs
• You want the freedom to paint, renovate, garden or get a dog without asking permission

When Renting Makes Sense

• You just moved to Spokane and want to learn the neighborhoods first
• Your job or family situation could change in the next year or two
• You're still building up savings or credit
• You don't want the responsibility of repairs and upkeep right now

Renting isn't throwing money away. It buys you flexibility. Buying isn't automatically an investment either. It pays off best when you stay long enough and buy at a price that fits your budget.

Costs Buyers Forget to Compare

When you compare rent to a mortgage payment, add these to the buying side:

• Property taxes and homeowners insurance (often included in your monthly payment)
• Maintenance and repairs, from gutters to water heaters
• Utilities that a landlord may have covered, like water, sewer and garbage
• HOA dues, if the home has them
• Closing costs to buy, and selling costs when you eventually move

On the renting side, remember rent can go up every year, while a fixed-rate mortgage payment stays the same for principal and interest.

My Honest Take

When you rent, none of what you pay builds equity for you. It helps build someone else's. That's why, if there's a way for you to get in the game and become an owner, I'll work hard to help you get there. Building equity is one of the most solid foundations you can have, and helping people do it is something I'm truly passionate about. If the timing isn't right yet, we can make a plan to get you there.

Working with the right lender to understand your credit and your situation makes a big difference. I work with a lot of great local lenders who love helping people get ready, even if it takes a year or two. I'm happy to set up that conversation.

I'm just as happy to help you plan a purchase a year from now as next month.

Frequently Asked Questions

Is it cheaper to rent or buy in Spokane?

It depends on the home, your down payment and your interest rate. Compare the full cost of owning, including taxes, insurance and repairs, not just the mortgage.

How long should I plan to stay to make buying worth it?

A common rule of thumb is about five years, which gives you time to build equity and cover the costs of buying and selling.

Should I rent first if I'm new to Spokane?

Often, yes. Renting for a few months lets you learn the neighborhoods before you commit.

Not Sure Which Is Right for You?

I'm happy to sit down and walk through your numbers with no pressure, even if the answer is to keep renting for now.

Call or text Chelsea: 509.565.1581
Email: chelsea@mcfarlandprey.com
Office: 1402 S Grand Blvd, Suite 201, Spokane, WA 99203