Is it cheaper to rent or buy in Seattle?

The information I have right now focuses only on the buying market, so I can't directly compare it to rental costs in Seattle. However, I can tell you about the current home-buying situation. It looks like home prices have cooled a bit in the area.

It is likely cheaper to rent right now in Seattle, as buying a home has a high entry cost with prices that have slightly decreased recently. The median listing price for a home is $775,000. This price has gone down a little, falling 1.1% from the previous month and 1.3% over the past year. This means homes are slightly less expensive than they were before. There are a lot more homes for sale now compared to last year—active listings are up by 21.4%. This gives buyers more choices, but it also means homes are sitting on the market longer, with the median time at 44 days, an 11.4% increase from last year. Nearly a quarter of homes, specifically 23.0%, have had their prices lowered. This suggests sellers are adjusting their expectations to attract buyers in the current market. For someone looking to move to Seattle, renting offers more flexibility and avoids the large upfront costs and long-term commitment of buying a home in a market where prices are slightly declining and homes are taking longer to sell.