Santa Maria, CA

Rent vs buy in Santa Maria

Median home $735,700. A 1 bedrooms rents for $2,344 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $2,344; per month
Own the median home: $4,799; P&I, tax, insurance, upkeep
Owning costs extra: $2,455; per month, same metro

What a purchase actually costs

20% down payment$147,140
Mortgage at 6.5%$3,720
Property tax (0.66% of value)$405/mo · $4,856/yr
Insurance and upkeep (1.1%/yr)$674
Total monthly ownership$4,799

Months of leftover to save the down payment

At $752 left over a month, it takes about 196 months (16.3 years) to save $147,140 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.