Published January 16, 2026

Is It Better to Buy or Rent in Spokane and Eastern Washington?

Written by Billy Deese

If you’re living in Spokane or Eastern Washington and wondering whether it’s smarter to buy a home or keep renting, you’re not alone—and the answer isn’t as simple as “buy as soon as you can.”

In this article, we’ll break down the real pros and cons of buying vs. renting in Eastern Washington, using realistic numbers, local context, and long-term thinking—without pushing you toward a decision that doesn’t fit your situation.

Why This Question Is So Common in Spokane Right Now

Spokane and Eastern Washington have changed dramatically over the past decade.

Buyers today are dealing with:

Higher home prices than “pre-boom” years
Interest rates that feel high compared to 2020–2021
Rising rents across Spokane, Mead, Cheney, and the Valley

At the same time, many renters are asking:

“Am I throwing money away by renting?”

The honest answer: sometimes yes—sometimes no.

The Real Cost of Renting in Spokane

Renting offers flexibility, but it comes with tradeoffs.

Pros of Renting

Lower upfront costs
No responsibility for repairs or maintenance
Easier to relocate for work or lifestyle changes

Cons of Renting

Rent typically increases year over year
No equity or long-term financial return
Limited control over the property

In many parts of Spokane and Eastern WA, renters are paying close to—or more than—what a mortgage payment would be, without gaining ownership.

The Real Cost of Buying a Home in Eastern Washington

Buying isn’t just about a monthly payment—it’s about commitment.

Pros of Buying

Builds equity over time
More stable housing costs long term
Ability to customize and improve your home
Potential tax benefits

Cons of Buying

Down payment and closing costs
Maintenance and repairs
Less flexibility if you need to move quickly

Buying makes the most sense when you plan to stay put long enough to offset those upfront costs.

A Simple Rule of Thumb (That Actually Works)

For many buyers in Spokane and Eastern Washington:

Less than 2–3 years → Renting often makes more sense
3–5 years or more → Buying usually becomes more financially favorable

This isn’t universal—but it’s a solid starting point.

Market appreciation, interest rates, and lifestyle goals all matter just as much as math.

Spokane-Specific Factors to Consider

Here’s what makes this decision unique to our area:

1. Property Taxes Are Relatively Reasonable

Compared to many West Coast markets, Eastern Washington property taxes are still manageable—this helps long-term ownership costs.

2. Inventory Can Be Tight

In certain Spokane neighborhoods, rental options are limited, which pushes rents higher and faster.

3. Appreciation Has Been Strong (But Not Guaranteed)

Home values have grown significantly, but smart buyers plan for long-term stability, not short-term gains.

When Renting Is Actually the Smarter Move

Renting may be the better choice if:

You’re unsure about job stability
You plan to move within a couple of years
You’re rebuilding credit or saving aggressively
You value flexibility over long-term equity

There’s nothing wrong with renting strategically.

When Buying Often Wins in Eastern Washington

Buying tends to make sense when:

You plan to stay local for several years
Your monthly rent is close to a mortgage payment
You want predictable housing costs
You’re ready for responsibility—not just ownership

The goal isn’t just to buy a house—it’s to buy at the right time for you.

Final Thoughts: There’s No “Right” Answer—Only an Informed One

The biggest mistake people make isn’t renting or buying—it’s making the decision without understanding the full picture.

If you’re trying to decide what makes sense for your situation in Spokane or Eastern Washington, clarity beats pressure every time.

Whether you buy now, later, or not at all—having honest numbers matters.