Uprootmap

Redding, CA

Rent vs buy in Redding

Median home $347,200. A 1 bedrooms rents for $1,120 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms
$1,120
per month
Own the median home
$2,276
P&I, tax, insurance, upkeep
Owning costs extra
$1,156
per month, same metro

What a purchase actually costs

  • 20% down payment$69,440
  • Mortgage at 6.5%$1,756
  • Property tax (0.70% of value)$203/mo · $2,430/yr
  • Insurance and upkeep (1.1%/yr)$318
  • Total monthly ownership$2,276

Months of leftover to save the down payment

At $2,037 left over a month, it takes about 35 months (2.9 years) to save $69,440 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.