The average rent is $1,931 a month

In Seattle, buying a home beats renting in less than two years

Home buyers in the Puget Sound region “break even” on a home purchase in 1.9 years.

The “Breakeven Horizon” study, published by Seattle online real estate company Zillow found that home buyers across the country break even on a home purchase in less than two years in 70 percent of housing markets.

Zillow credits the short time frame to low interest rates, rising home values and rising rent.

The average rent for an apartment in Seattle is $1,931 per month.

The study, featured in the paperback edition of “Zillow Talk: Rewriting the Rules of Real Estate,” defines the breakeven horizon as the number of years after which buying is more financially advantageous than renting.

The study notes that, nationally, those under 35 remain employed at the same place for about three years so buying may not make sense, even if paying a mortgage would be more affordable.

One prominent analyst — Matthew Gardner, chief economist of Seattle-based Windermere Real Estate — recently told the Business Journal that millennials in the Puget Sound region will begin to buy houses in 2016 because confidence in the housing market will grow. The median price of a King County home is now about $508,000.

Dallas has the shortest break even point, at 1.3 years. Washington, D.C., has the longest, at 4.5 years.

Rob Smith, Editor, Puget Sound Business Journal

3 thoughts on “The average rent is $1,931 a month”

  1. Sooo…does this apply to condos too?

    And furthermore…what exactly does “break even mean” anyway? Point at which where if u r in the same place, ur better off buying instead of renting???

Leave a Reply

Your email address will not be published. Required fields are marked *


Obtain a quote

Discover your options by requesting a free note analysis

The only way to decide what is best for your situation is to know the options available.

When you request a free note analysis it reveals the current market value of your payments – similar to what a real estate appraisal provides for real property. Sometimes referred to as a “note appraisal” or “request for quote,” it lets you know how much your future payments are worth in cash dollars today!