Should I Rent or Buy in Spokane in 2025?

Spokane’s real estate market in 2025 is buzzing with activity. With a healthy blend of affordability, scenic beauty, and urban convenience, more and more people are considering making Spokane their home. However, one major question lingers: should I rent or buy in Spokane this year? As a Spokane real estate agent, I’ve helped countless clients navigate this very question, and I’m writing this blog to provide you with the clarity and data you need to make the right decision.

Spokane Real Estate Market Trends in 2025

The Spokane housing market has experienced moderate growth in 2025. Median home prices have reached approximately $400,000, which is lower than the national average. This affordability, combined with increasing demand, makes Spokane an appealing destination for buyers. On the rental side, average monthly rents have risen to around $1,600 for a two-bedroom apartment, reflecting low vacancy rates and a competitive rental landscape.

Should I Rent or Buy in Spokane? Key Factors to Consider

When deciding whether to rent or buy in Spokane, you need to weigh several key factors:

Renting Pros:

• Lower upfront costs

• Flexibility to relocate

• Less responsibility for maintenance

Buying Pros:

• Build equity over time

• Stable monthly payments with a fixed-rate mortgage

• Tax benefits and long-term investment

Evaluate your financial readiness, long-term goals, and lifestyle preferences to make the best choice.

Cost Comparison: Renting vs. Buying in Spokane

Let’s look at the numbers. In 2025, the average monthly rent in Spokane is about $1,600. A mortgage for a $400,000 home with a 7% interest rate and 5% down would come out to roughly $2,800 per month, including taxes and insurance.

While buying may cost more monthly, homeowners build equity, unlike renters. Over 5-10 years, the financial gap often narrows or even reverses in favor of buying.

The Benefits of Buying a Home in Spokane

Homeownership in Spokane offers tremendous long-term value:

• Equity Growth: Your home increases in value over time.

• Stability: No rent hikes and fixed housing expenses.

• Tax Deductions: Mortgage interest and property taxes may be deductible.

Plus, owning gives you the freedom to personalize and truly make a space your own.

When Renting in Spokane Makes More Sense

Renting might be the better choice for you if:

• You plan to stay for fewer than three years

• You’re uncertain about job stability

• You want to avoid the upfront costs of buying

It’s also ideal if you’re exploring neighborhoods before committing to homeownership.

Mortgage Rates and Loan Options in 2025

Mortgage rates in 2025 have stabilized around 6.5% to 7%. First-time buyers in Spokane can explore FHA loans, VA loans, and state-sponsored down payment assistance programs such as the Washington State Housing Finance Commission (WSHFC).

The Impact of Inflation and Interest Rates

Inflation has pushed up prices across the board, including housing. However, buying a home now can lock in monthly payments, while renters are subject to rising rent costs each year.

Spokane’s Population Growth and Housing Demand

Spokane continues to see steady population growth, now nearing 230,000 residents. Demand for housing remains strong, leading to low inventory levels and increased home values — a positive signal for potential buyers.

Renting for Flexibility in Spokane’s Growing Economy

Spokane’s evolving economy — especially in healthcare, tech, and logistics — is creating new job opportunities. Renting allows flexibility for those navigating career changes or uncertain plans.

Buying as a Long-Term Investment in Spokane

Consider this: a home bought in Spokane in 2015 for $220,000 could now be worth $400,000 or more. That’s nearly doubling your investment in a decade. With Spokane’s growth trajectory, buying in 2025 could yield similar gains by 2035.

How Remote Work is Influencing Housing Choices in Spokane

Remote work has become the norm for many professionals, increasing the demand for home offices and more spacious living. Spokane's affordability makes it ideal for remote workers wanting to upgrade their space without breaking the bank.

Common Mistakes to Avoid When Deciding to Rent or Buy

• Overestimating Budget: Always factor in taxes, maintenance, and unexpected costs.

• Acting Emotionally: Make decisions based on financial facts, not feelings.

• Skipping Professional Advice: Working with a knowledgeable agent can prevent costly missteps.

Final Thoughts: Should I Rent or Buy in Spokane in 2025?

There’s no one-size-fits-all answer, but the key is to assess your current financial situation, career plans, and lifestyle preferences. If you’re planning to stay for a while and want to build wealth, buying is likely the better option. For those needing flexibility or short-term housing, renting remains a smart choice.

As a local Spokane real estate agent, I’m here to help you evaluate your options and make the best move for your future.

Call to Action

Still asking yourself, “Should I rent or buy in Spokane?” Let’s connect and review your goals together. With years of experience in the Spokane market, I offer personalized insights and data-driven advice to guide your decision.

Frequently Asked Questions (FAQs)

• Is 2025 a good year to buy a house in Spokane? Yes, with moderate prices and expected appreciation, 2025 is a solid year to buy for long-term gains.

• How much do I need to buy a home in Spokane in 2025? Typically, you’ll need at least 5% down plus closing costs — around $25,000 for a median-priced home.

• Are there first-time homebuyer programs available in Spokane? Yes. Programs like WSHFC, FHA, and VA loans can reduce down payment requirements and offer favorable terms.

• What’s the average rent in Spokane in 2025? The average monthly rent for a two-bedroom apartment is approximately $1,600.

• How do I know if I should rent or buy in Spokane? Evaluate your financial health, career stability, and future plans. A real estate professional can help you crunch the numbers and explore your best path forward.

About Me

My name is Nick Briggs

Being born and raised in Spokane I grew up knowing what a special place this city is, and it was my dream to help others create a life in this wonderful community by guiding them in real estate. I spent many years in the customer service industry, the experience of listening and communication showed me how much I truly loved helping people. I attended Gonzaga University and earned a Bachelor’s Degree in Business Administration to add to my knowledge of guiding, managing, negotiating, and listening to individuals, helping them achieve their real estate goals.

Contact Me