The use of cross-laminated timber (CLT) as a building material is gaining popularity in the North American building sector, especially in mid- to high-rise building designs. This study presents the methodology of life-cycle cost analysis (LCCA) and an example of a hypothetical case study in Portland, Oregon, USA, of a CLT mass timber building compared with a baseline code-compliant concrete alternative. It was found, not unexpectedly, that the mass timber building with premium energy and water saving designs exhibited a lower total life-cycle cost (TLCC) than a concrete building for a 60-year study period under provided research assumptions and limitations. The construction cost dominated the TLCCs for both buildings. Little to no historical construction and operational data exist for mass timber buildings in North America, which made this analysis limited for generalizing the results. However, a solid methodology was established for future LCCA on mass timber buildings, and cost-specific data will be implemented when the information becomes available.