Chico, CA

Rent vs buy in Chico

Median home $408,700. A 1 bedrooms rents for $1,185 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,185; per month
Own the median home: $2,676; P&I, tax, insurance, upkeep
Owning costs extra: $1,491; per month, same metro

What a purchase actually costs

20% down payment$81,740
Mortgage at 6.5%$2,067
Property tax (0.69% of value)$235/mo · $2,820/yr
Insurance and upkeep (1.1%/yr)$375
Total monthly ownership$2,676

Months of leftover to save the down payment

At $1,669 left over a month, it takes about 49 months (4.1 years) to save $81,740 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.