Estimated Monthly Payment — Median California Home
$5,313
Based on $800,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$800,000
Property Tax
0.75%
Avg. HOA
$350/mo
Median Rent
$2,200/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the California housing market
California's housing market is among the most expensive in the nation, with a median home price around $800,000. Los Angeles is the largest metro, with San Francisco a close second. Proposition 13 caps annual property tax reassessment at 2%, keeping ongoing tax bills predictable even as home values rise sharply in coastal markets. California's effective property tax rate of 0.75% is below the national average.
The median California home costs $800,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $4,130, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $5,313. First-time buyers in California can explore programs through California HFA.
Photo by Joshua Sortino on Unsplash
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FAQ
California mortgage FAQs
What's the property tax rate in California?
California's effective property tax rate averages about 0.75% — below the national average. On a $800,000 home, that's roughly $500/month or $6,000/year.
How much do I need to earn to afford a typical California home?
Using the 28/36 rule, a buyer would need roughly $199,000–$255,000 in gross annual income to comfortably afford California's $800,000 median home with 20% down at current rates.
What first-time buyer programs are available in California?
CalHFA offers MyHome Assistance (deferred down payment loan up to 3.5%), the Forgivable Equity Builder Loan, and below-market first-mortgage programs for income-qualified buyers. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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