Fresno, CA

Rent vs buy in Fresno

Median home $363,300. A 1 bedrooms rents for $1,378 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,378; per month
Own the median home: $2,394; P&I, tax, insurance, upkeep
Owning costs extra: $1,016; per month, same metro

What a purchase actually costs

20% down payment$72,660
Mortgage at 6.5%$1,837
Property tax (0.74% of value)$224/mo · $2,688/yr
Insurance and upkeep (1.1%/yr)$333
Total monthly ownership$2,394

Months of leftover to save the down payment

At $1,519 left over a month, it takes about 48 months (4.0 years) to save $72,660 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.