Bakersfield, CA

Rent vs buy in Bakersfield

Median home $310,600. A 1 bedrooms rents for $1,254 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,254; per month
Own the median home: $2,091; P&I, tax, insurance, upkeep
Owning costs extra: $837; per month, same metro

What a purchase actually costs

20% down payment$62,120
Mortgage at 6.5%$1,571
Property tax (0.91% of value)$236/mo · $2,826/yr
Insurance and upkeep (1.1%/yr)$285
Total monthly ownership$2,091

Months of leftover to save the down payment

At $1,496 left over a month, it takes about 42 months (3.5 years) to save $62,120 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.