This isn’t a generic rent-vs-buy calculator with national averages. This is the actual math for Everett, WA right now — using real median rent, real median home prices, real property tax rates, and real interest rates.
The Numbers You Need
| Metric | Current Value |
|---|---|
| Median Home Price | $600,000 |
| Median Rent (all types) | $1,634/month |
| Median Rent (3-bedroom) | $2,287/month |
| Mortgage Rates (30yr fixed) | ~6.5%–7.0% |
| Property Tax Rate | ~1% of assessed value |
| Homeownership Rate | 50% (national avg: 65%) |
Monthly Cost: Renting vs. Owning
| Renting (3-bed) | Owning ($600K, 20% down) | Owning ($600K, 5% down) | |
|---|---|---|---|
| Monthly payment | $2,287 | ~$3,200 | ~$3,800 |
| Property taxes | $0 | ~$500 | ~$500 |
| Insurance | ~$25 | ~$150 | ~$150 |
| PMI | $0 | $0 | ~$300 |
| Maintenance | $0 | ~$500 | ~$500 |
| Total | ~$2,312 | ~$4,350 | ~$5,250 |
The gap: Owning costs roughly $2,000–$3,000 more per month than renting in Everett right now.
So Why Would Anyone Buy?
Equity building: Of that $3,200/month mortgage payment, roughly $800–$1,000 goes toward principal. After 5 years, you’ll have built ~$55,000–$65,000 in equity from principal paydown alone.
Appreciation: Over 5–10 years, moderate appreciation (3–5% annually) could add $100K–$200K in value.
Stability: A fixed-rate mortgage payment never increases. Rent increases are a reality.
Tax benefits: Mortgage interest and property taxes are deductible if you itemize.
The Break-Even Timeline
| Scenario | Break-Even Point |
|---|---|
| Moderate appreciation (3%/yr), 20% down | ~5–6 years |
| Low appreciation (1%/yr), 20% down | ~7–9 years |
| Flat prices (0%), 20% down | ~9–12 years |
| Moderate appreciation (3%/yr), 5% down | ~6–8 years |
Rent vs. Buy by Neighborhood
| Neighborhood | Buy Price | Monthly Own* | Monthly Rent | Gap |
|---|---|---|---|---|
| Downtown (condo) | $384K | ~$2,800 | ~$1,600 | +$1,200 |
| Lowell | $475K | ~$3,400 | ~$2,000 | +$1,400 |
| Silver Lake | $600K | ~$4,350 | ~$2,500 | +$1,850 |
| Northwest Everett | $705K | ~$5,100 | ~$2,800 | +$2,300 |
| Boulevard Bluffs | $900K | ~$6,500 | ~$3,500 | +$3,000 |
Interest Rate Sensitivity
| Rate | Monthly P&I on $480K | vs. Renting at $2,287 |
|---|---|---|
| 5% | $2,577 | Close to breakeven |
| 6% | $2,878 | +$591 |
| 7% | $3,194 | +$907 |
Equity Building: 5-Year and 10-Year Projections
| 5 Years | 10 Years | |
|---|---|---|
| Principal paydown | ~$58,000 | ~$135,000 |
| Appreciation at 3%/yr | ~$96,000 | ~$207,000 |
| Total equity built | ~$154,000 | ~$342,000 |
| Rent paid over same period | ~$144,000 | ~$306,000 |
Ready to Make the Switch from Renting?
Talk to a local lender about your options — especially first-time buyer programs and VA loans.