Buying a Home in Spokane
Thinking about moving to Spokane? If you are, congrats! Whatever you’re looking for in a neighborhood—good schools, beautiful homes, community events, loads of character, or just plentiful pubs—you can find it in Spokane. Best of all, you’ll spend much less on your house, condo, or apartment than you would in the big cities. And if you haven’t yet decided whether or not to make the big move? Maybe this will help convince you.
A Lot for a Little
You’ll probably be surprised by what you can afford here in Spokane. The median home value in the area is $264,000, which will get you a pretty nice-sized house, not just 400 sq/ft in a building. Prefer to rent an apartment? The median rent price is $1,295. A one-bedroom is typically under $900.
When it comes to cost of living, we fare much better than the west side of the state. Houses in Seattle are nearly three times as much, and apartments are over double. Seattle’s median home value is just under $768,000, and the median rent price is a whopping $2,600.
A Neighborhood for You
Everyone’s looking for something a little different in the community they call home. Luckily, each Spokane neighborhood brings something unique to the table. Some of our favorite neighborhoods include:
- Browne’s Addition –A historical neighborhood with a great walk score located just outside of downtown. Mainly consisting of apartment rentals and condos, but some houses as well. A beautiful park anchors the neighborhood along with restaurants, bars, and coffee shops.
- South Hill – Known to be the “bougie” part of Spokane, you can still find some good deals and some of the best schools in the area. It’s also home to Manito Park, one of Spokane’s crown jewels.
- Garland District – Located a couple miles north of downtown, Garland is known as an easy-going, artsy neighborhood. Lots of funky shops and bars to stumble upon. One of the more historical neighborhoods in town with a lot of character.
- Downtown – The heart of the city where you can find great apartment rentals all within walking distance to your favorite late-night spots. Best for people looking to stay busy and connected!
- South Perry – A hidden gem on the lower South Hill. An up-and-coming neighborhood that hosts farmers markets and street fairs. Here you can find houses for a great price if you’re looking for a fixer-upper.
- West Central/Kendall Yards – Undergoing rapid growth and new construction, mainly due to the addition of the Kendall Yards development. A central neighborhood just north of downtown which includes everything from brand new condos and houses to much older homes that might require more elbow grease. Kendall Yards houses some great restaurants and shops all along the river and Centennial Trail.
- Audubon/Downriver – Home to two of Spokane’s favorite restaurants—the Flying Goat and Downriver Grill. This neighborhood has loads of cute houses northwest of downtown.
- Logan District – Minutes from downtown with Gonzaga University in the backyard, Logan District is a mix of families and college students, and home to the popular Jack & Dan’s pub.
- Spokane Valley – A suburb of Spokane, “The Valley” as it’s referred to, includes many neighborhoods and housing developments ranging in prices with some great school districts. A big draw to this area is the central location between Spokane and Coeur d’Alene.
- Liberty Lake – Just a mile away from the Idaho border, this community is anchored by the beautiful lake itself. There’s great hiking, sandy beaches, boat access, and golf courses. The location is still an easy drive into downtown Spokane.
We’re no real estate experts, but buying a home doesn’t have to be intimidating. Especially now when interest rates are so low, it’s a great time to take advantage of the housing market here in Spokane. In 2019 alone, home values increased on average by 13%. We expect this trend to continue well through 2020 as people are looking to move out of large cities that have been severely impacted by the pandemic.
As more and more people look to get out of the big cities and find an easier pace of life, Spokane is becoming a prime destination. And just maybe your new home.
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