Can You Afford to Buy a Home in Chico?
The median home in Chico costs $408,700. To afford it at current mortgage rates with 20% down, you need a household income of about $111,343/year. Your monthly payment would be around $2,598, including taxes and insurance.
Based on national median home values adjusted by Chico’s Regional Price Parity (101.2). Current 30-year fixed rate: 6.52% (Freddie Mac, as of Jun 11, 2026). Methodology
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Monthly payment breakdown
$408,700 home, 20% down, 6.52% rate, 30-year fixed
Rent vs. buy in Chico
Buying costs $973/mo more than renting, but you build equity. Over 5 years at current appreciation rates, homeowners in similar markets have gained significant equity.
What can you afford in Chico?
Home price you can afford at each salary level (28% DTI, 20% down)
| Salary | Home you can afford | Monthly payment |
|---|---|---|
| $50K | $126K | $2,598 |
| $75K | $241K | $2,598 |
| $100K | $356K | $2,598 |
| $125K | $472K | $2,598 |
| $150K | $587K | $2,598 |
| $200K | $817K | $2,598 |
Based on 28% front-end DTI ratio, 20% down payment, 6.52% 30-year fixed rate, 1.1% property tax, ~$150/mo insurance.
Can common careers afford a home in Chico?
Local median salary vs. the $111K needed to buy
Frequently asked questions
What salary do I need to buy a home in Chico?
To comfortably afford the median home ($408,700) in Chico with a 20% down payment and current mortgage rates, you need a household income of about $111,343. That keeps your housing costs at or below 28% of your gross income, which is the standard lender guideline.
How much does a house cost in Chico?
The median home price in the Chico, CA metro area is $408,700, based on the Census ACS 2023 median home value for the metro. Prices vary widely by neighborhood. A 20% down payment would be $81,740, or $20,435 at 5% down.
What would my monthly mortgage be in Chico?
On a $408,700 home with 20% down at current rates, your estimated monthly payment would be $2,598 including principal, interest, property tax, and insurance. With only 5% down, add about $162/mo for PMI.
Is it cheaper to rent or buy in Chico?
Median 2-bedroom rent in Chico is $1,625/mo (HUD Fair Market Rent). The estimated mortgage payment on the median home is $2,598/mo. Buying is significantly more expensive monthly, though you build equity.