Total monthly cost of ownership
Cost to Own a Home in Oakland, California
A $925,000 home here costs
$6,929per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $297,000 a year.
A standard mortgage calculator would have told you $5,124. The real number is $1,806 higher every month, 35% more than the payment most buyers budget for.
Compare Alameda County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Oakland against Alameda County and California
| Measure | Oakland | Alameda County |
|---|---|---|
| Median home value | $924,700 | $1,057,400 |
| Median property tax | $7,855 | $8,061 |
| Effective tax rate | 0.849% | 0.762% |
| Median gross rent | $1,917 | $2,318 |
| Population | 438,072 | 1,651,949 |
The weather behind that power bill
Oakland sits in Alameda County, which averages a high of 87.7°F in its hottest month and a low of 37.5°F in its coldest, with 15.18" of precipitation a year and 56% of it in a single three-month stretch. That climate drives 847 cooling and 2,709 heating degree days, which is what sets the $169 electricity line above.
See the full climate breakdown for Alameda County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Alameda County
Full Alameda County cost breakdown · Every county in California
Talk to someone who works this market
These are Oakland averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Oakland every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Oakland I already own here and may sell
Common questions
How much does it cost to own a home in Oakland?
A $925,000 home in Oakland, California costs approximately $6,929 per month with 20% down at 7.4%. That is $5,124 principal and interest, $654 property tax, $143 homeowners insurance, $237 utilities and $771 set aside for maintenance.
What is the property tax rate in Oakland?
Oakland has an effective property tax rate of 0.849%, based on a median home value of $924,700 and median real estate taxes of $7,855. That is higher than the Alameda County average of 0.762%.
What is the average home price in Oakland?
The median owner-occupied home value in Oakland, California is $924,700, against $1,057,400 across Alameda County.
Is it cheaper to rent or buy in Oakland?
Median gross rent in Oakland is $1,917 a month, against $6,929 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Oakland?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Oakland, California at today's rate takes a household income of roughly $297,000 a year. That covers the full $6,929 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Oakland, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for California.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.