Is it cheaper to rent or buy a home in Edmonds, WA right now? The answer depends on your specific housing needs and budget. Let’s take a closer look at the cost of living in an apartment vs house in Edmonds to help you make an informed decision.
The Housing Market in Edmonds Today
Edmonds, located just north of Seattle along the Puget Sound, offers a charming small-town feel with convenient access to big city amenities. The local housing market has remained competitive in recent years, with steady demand from both renters and buyers. Inventory has tightened somewhat, especially for entry-level homes, but new apartment developments are rising in the walkable downtown area to help meet rental demand.
One unique aspect of the Edmonds housing landscape is the prevalence of smaller, older homes built in the 1950s-70s. These properties often sit on larger lots with mature trees, giving neighborhoods a cozy, established vibe. Edmonds has also seen an uptick in condo and townhome construction recently, providing more options for first-time buyers and downsizers.
Renting in Edmonds: What’s Typical?
As of 2023, renters in Edmonds can expect to pay around $1,800 per month for a 1-bedroom apartment or $2,200 for a 2-bedroom. Prices are highest for new luxury units near the waterfront, while older complexes and those further from downtown offer relative bargains. Popular renter areas include the Bowl, Westgate, and the Highway 99 corridor.
Young professionals, small families, and empty nesters make up a large share of Edmonds renters. Many are drawn to the walkable neighborhoods, good schools, and easy ferry access to the Olympic Peninsula. While rent has risen faster than inflation over the past few years, areas like Firdale Village still provide affordable options for singles and couples.
Typical rental costs in Edmonds include:
- Rent: $1,800 – $2,200
- Renters insurance: $20/month
- Utilities: $150/month
- Parking: Often included
For a full breakdown of expenses, see our guide to Average Monthly Expenses in Edmonds, WA.
Owning a Home in Edmonds
The median home price in Edmonds currently sits around $700,000. For a typical buyer putting 10% down on a 30-year fixed mortgage at 6.5% APR, that translates to a monthly payment of roughly $3,950 (excluding taxes and insurance). Property taxes in Snohomish County add another $600/month on average.
On top of the mortgage, Edmonds homeowners should budget for maintenance, repairs, utilities, and in some cases, HOA dues. Older homes may have higher upkeep costs, while newer builds are more energy-efficient but come with heftier price tags. For a median-priced home not in an HOA, owners can expect to spend around $500/month on top of the mortgage.
Key ownership costs in Edmonds:
- Median home price: $700,000
- Down payment (10%): $70,000
- Monthly mortgage (30yr fixed at 6.5% APR): $3,950
- Property tax: $600/month
- Maintenance & repairs: $300/month
- Utilities: $200/month
- Homeowners insurance: $100/month
Renters vs. Homeowners: Who Lives Where?
Edmonds has a homeownership rate of around 70%, slightly higher than the national average. Owners tend to be older and more established, with a median age in the late 40s. They gravitate towards the Bowl and areas with higher-ranked schools like Seaview and Sherwood Forest.
Renters, who have a median age in the mid-30s, cluster downtown and along major thoroughfares for easier access to transit and jobs. While renting is common among younger residents, rising home prices have kept some older individuals in rentals longer than previous generations. Still, many aspiring owners are able to buy in Edmonds, especially if moving from a more expensive market like Seattle or California.
| Expense | Monthly Cost to Rent | Monthly Cost to Own |
|---|---|---|
| Rent/Mortgage | $2,000 | $3,950 |
| Property Tax | $0 | $600 |
| Insurance | $20 | $100 |
| Maintenance | $0 | $300 |
| Utilities | $150 | $200 |
| Parking | $0 | $0 |
| Total | $2,170 | $5,150 |
What’s Driving Edmonds Housing Costs?
Several factors influence the cost of housing in Edmonds. On the demand side, the city’s proximity to major job centers, good schools, and high quality of life continue to attract residents. The supply of homes hasn’t kept pace, especially in the entry-level and “missing middle” ranges.
Strict zoning laws and high land costs limit how many new units can be built. Most construction targets the luxury end of the market. However, a new light rail station set to open in 2024 has spurred transit-oriented development downtown, adding more density at a range of price points.
Geography constraints also play a role. With Puget Sound to the west and other cities bordering north and south, Edmonds has limited undeveloped land. This pushes prices up and forces tough trade-offs between preservation and growth.
FAQs About Housing in Edmonds
Is Edmonds an affordable place to live?
While Edmonds is less expensive than Seattle, it’s not cheap. The overall cost of living is about 30% above the national average, largely due to housing costs. However, many residents find the high quality of life worth the premium, and there are still pockets of relative affordability for both renters and buyers.
Why are home prices so high in Edmonds?
A combination of strong demand, limited supply, and geographic constraints keep Edmonds home prices elevated. The city’s excellent schools, waterfront parks, and charming downtown make it a desirable place to live. At the same time, strict zoning and a lack of undeveloped land restrict how many new homes can be built.
How does the cost of living in Edmonds compare to nearby cities?
Edmonds is less expensive than Seattle but pricier than Lynnwood or Everett. For a deep dive, check out our Cost of Living in Edmonds, WA guide, which includes detailed comparisons to other Puget Sound cities.
Making Smart Housing Decisions in Edmonds
Choosing between renting and buying a home in Edmonds ultimately depends on your budget, lifestyle, and long-term goals. Renting offers more flexibility and lower upfront costs, but you won’t build equity. Buying provides stability and wealth-building potential, but comes with higher monthly expenses and maintenance responsibilities.
As you weigh your options, consider factors like:
- How long you plan to stay in the area
- Your job security and income stability
- Potential rent increases vs. fixed mortgage payments
- Property tax and insurance costs
- Lifestyle preferences and amenities
By running the numbers and thinking through your priorities, you can make a smart housing choice that fits your unique situation. While the cost of living in an apartment vs house in Edmonds may differ greatly, both options offer a chance to enjoy all this vibrant waterfront community has to offer.