Merced, CA

Rent vs buy in Merced

Median home $368,400. A 1 bedrooms rents for $1,270 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,270; per month
Own the median home: $2,409; P&I, tax, insurance, upkeep
Owning costs extra: $1,139; per month, same metro

What a purchase actually costs

20% down payment$73,680
Mortgage at 6.5%$1,863
Property tax (0.68% of value)$209/mo · $2,505/yr
Insurance and upkeep (1.1%/yr)$338
Total monthly ownership$2,409

Months of leftover to save the down payment

At $1,581 left over a month, it takes about 47 months (3.9 years) to save $73,680 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.