Rent vs buy in Richmond, CA
Richmond, California has a typical rent of $2,538 /mo and a typical home price of $600,691.
Renting comes out ahead by $18k across 7 years.
With Richmond's typical rent and home value figures, 20% down and today's mortgage rate. The break-even point arrives in year 9.
An opinion that's clearly labeled and shows the math. These are estimates, not quotes. The stamp updates whenever you change a number.
- Renting is ahead by
- $18k after 7 years
- Break-even point
- year 9 when owning catches up
- Actual cost of owning
- $5,187 /mo year 1, against $2,538 rent
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Is renting or buying cheaper in Richmond?
Over 7 years, renting costs $18,318 less after counting the money you get back when you sell. For the first 8 years, renting costs less. In year 9, owning catches up.
Renting. Owning. Net cost to date, by year.
Average rent compared with the mortgage payment in Richmond
At Richmond's typical price, the breakdown includes every monthly cost for year 1, not only rent and mortgage payments.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,538 | All of it, every month |
| Mortgage payment | $3,275 | $2,887 of it is interest in year 1 |
| Property tax | $471 | 0.94% of the value a year |
| Insurance | $103 | Census median for the city |
| Upkeep | $501 | 1% of the value a year |
| Owning, cash out | $4,349 | $388 of it builds equity |
| Lost return on the down payment | $976 | At 8.3% each year, this is what the cash would earn. |
| Buying costs, spread out | $250 | 3.5% of the price over 7 years |
| True cost of owning | $5,187 | Cash out minus the equity part, plus the two amounts above |
The figures behind Richmond's result
- Typical home valueZillow ZHVI, September 2026
- $600,691
- Typical rentZillow ZORI, September 2026
- $2,538 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, California, 1995 to 2025
- 5.3% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Richmond
- 0.94% of value
- Home insuranceCensus ACS 2020-2024, Richmond
- $103 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would change the result in Richmond?
Each line shows where Richmond's 7-year result changes, while all other factors stay the same.
Renting comes out ahead when
- Annual home-price growth stays under 5.7%. The calculation uses California's long-run rate of 5.3%.
- The mortgage rate remains above 6.70%.
- Renting a comparable home costs less than $2,730 monthly (the typical local rent is $2,538).
- Before year 9, you move.
When buying is better
- Home prices rise by more than 5.7% each year.
- You secure a mortgage rate under 6.70% (currently, it's 7.24%).
- Renting this home would cost more than $2,730 monthly.
- You remain in the home for 9 years or more.
Richmond compared with the other 812 cities
| Measure | Richmond | Median city |
|---|---|---|
| Typical home value | $600,691 | $422,451 |
| Typical rent | $2,538 /mo | $1,837 /mo |
| Price-to-rent ratio | 19.7 (#346 of 813) | 18.5 |
| Home prices, last 10 years | 3.5% a year | 6.2% a year |
| Rents, last 5 years | 2.1% a year | 4% a year |
| Property tax | 0.94% | 0.87% |
| Households that rent | 45% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in California
- Renting leads by $111k in Los Angeles, CA.
- Rent. San Diego, CA. Renting is ahead by $108k.
- Rent. San Jose, CA. Renting is ahead by $210k.
- Rent. San Francisco, CA. Renting is ahead by $128k.
- Buy. Fresno, CA. Buying comes out ahead by $22k.
- Toss-up. Sacramento, CA. It's close, but renting leads by $3k.
- Rent. Long Beach, CA. Renting comes out ahead by $111k.
- Rent. Oakland, CA. Renting comes out ahead by $44k.
- Buy. Bakersfield, CA. Buying comes out ahead by $11k.
- Rent. Anaheim, CA. Renting comes out ahead by $115k.
- Buy. Stockton, CA. Buying comes out ahead by $16k.
- Rent. Riverside, CA. Renting comes out ahead by $27k.