Oakland, CA

Owning the median Oakland home would run about $5,890/mo (mortgage, tax, insurance, upkeep) versus $2,912/mo to rent — about $2,978/mo more to buy at today's 6.58% rate.

Estimate only: 30-year fixed, measured local property tax where available, state-average homeowners insurance, ~1%/yr maintenance. Insurance and upkeep are charged on the estimated cost to REBUILD the house, not on its market price — land needs neither a roof nor a policy, so pricing them off the sticker overcharges expensive-land markets and undercharges cheap ones. That rebuild cost is estimated from local price levels, not measured per home, so it won't match a specific property's square footage or condition. The figures here are pre-tax outlay: the mortgage-interest and property-tax deduction is applied to your take-home pay in the search instead, so it is counted once rather than subtracted from the payment below. Part of the mortgage payment builds equity, which a pure outlay comparison ignores; and the median home is typically larger than the median rental, which biases the gap toward renting. Ignores closing costs, HOA dues, and the opportunity cost of the down payment. PMI is included below 20% down as a mid-band estimate — the real rate also moves with credit score, and it drops off at 78% LTV rather than lasting the whole loan. In California the rate shown is Prop 13's 1% statutory base for a new purchase, so it runs slightly low where local bonds apply. Not a lending quote.