Los Angeles, CA

Rent vs buy in Los Angeles

Median home $825,300. A 1 bedrooms rents for $2,276 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $2,276; per month
Own the median home: $5,425; P&I, tax, insurance, upkeep
Owning costs extra: $3,149; per month, same metro

What a purchase actually costs

20% down payment$165,060
Mortgage at 6.5%$4,173
Property tax (0.72% of value)$495/mo · $5,942/yr
Insurance and upkeep (1.1%/yr)$757
Total monthly ownership$5,425

Census ACS 2023: 54.4% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $1,700 left over a month, it takes about 98 months (8.2 years) to save $165,060 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.