San Luis Obispo, CA

Rent vs buy in San Luis Obispo

Median home $777,200. A 1 bedrooms rents for $2,074 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $2,074; per month
Own the median home: $5,096; P&I, tax, insurance, upkeep
Owning costs extra: $3,022; per month, same metro

What a purchase actually costs

20% down payment$155,440
Mortgage at 6.5%$3,930
Property tax (0.70% of value)$453/mo · $5,440/yr
Insurance and upkeep (1.1%/yr)$712
Total monthly ownership$5,096

Months of leftover to save the down payment

At $1,049 left over a month, it takes about 149 months (12.4 years) to save $155,440 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.