Vallejo, CA

Rent vs buy in Vallejo

Median home $589,600. A 1 bedrooms rents for $1,887 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,887; per month
Own the median home: $3,890; P&I, tax, insurance, upkeep
Owning costs extra: $2,003; per month, same metro

What a purchase actually costs

20% down payment$117,920
Mortgage at 6.5%$2,981
Property tax (0.75% of value)$369/mo · $4,422/yr
Insurance and upkeep (1.1%/yr)$540
Total monthly ownership$3,890

Months of leftover to save the down payment

At $1,885 left over a month, it takes about 63 months (5.3 years) to save $117,920 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.