Riverside, CA

Rent vs buy in Riverside

Median home $493,600. A 1 bedrooms rents for $1,946 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,946; per month
Own the median home: $3,273; P&I, tax, insurance, upkeep
Owning costs extra: $1,327; per month, same metro

What a purchase actually costs

20% down payment$98,720
Mortgage at 6.5%$2,496
Property tax (0.79% of value)$325/mo · $3,899/yr
Insurance and upkeep (1.1%/yr)$452
Total monthly ownership$3,273

Census ACS 2023: 55.3% of renter households in this metro put 30% or more of income toward rent.

Months of leftover to save the down payment

At $1,389 left over a month, it takes about 72 months (6.0 years) to save $98,720 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.