Rent vs Buy in Mount Vernon, WA
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Renting looks favorable in Mount Vernon, WA
Price-to-rent ratio is 29.1 (under 15 favors buying, over 21 favors renting). Renting costs $1,668/mo; owning runs about $4,419/mo — $2,751/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 7.18% rate) | $3,157 |
| Property tax | $534 |
| Home insurance | $243 |
| Maintenance | $485 |
| Total to own | $4,419 |
| Average 2BR rent | $1,668 |
Based on a median home value of $582,462 with a $116,492 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.