Total monthly cost of ownership
Cost to Own a Home in Palm Desert, California
A $492,000 home here costs
$3,762per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $161,000 a year.
A standard mortgage calculator would have told you $2,682. The real number is $1,079 higher every month, 40% more than the payment most buyers budget for.
Compare Riverside 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.
Palm Desert against Riverside County and California
| Measure | Palm Desert | Riverside County |
|---|---|---|
| Median home value | $491,600 | $510,300 |
| Median property tax | $4,502 | $4,189 |
| Effective tax rate | 0.916% | 0.821% |
| Median gross rent | $1,717 | $1,814 |
| Population | 51,551 | 2,449,909 |
The weather behind that power bill
Palm Desert sits in Riverside County, which averages a high of 106.9°F in its hottest month and a low of 37.7°F in its coldest, with 2.96" of precipitation a year and 54% of it in a single three-month stretch. That climate drives 3,880 cooling and 1,108 heating degree days, which is what sets the $150 electricity line above.
See the full climate breakdown for Riverside County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Riverside County
Full Riverside County cost breakdown · Every county in California
Talk to someone who works this market
These are Palm Desert 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 Palm Desert every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Palm Desert I already own here and may sell
Common questions
How much does it cost to own a home in Palm Desert?
A $492,000 home in Palm Desert, California costs approximately $3,762 per month with 20% down at 7.24%. That is $2,682 principal and interest, $376 property tax, $76 homeowners insurance, $218 utilities and $410 set aside for maintenance.
What is the property tax rate in Palm Desert?
Palm Desert has an effective property tax rate of 0.916%, based on a median home value of $491,600 and median real estate taxes of $4,502. That is higher than the Riverside County average of 0.821%.
What is the average home price in Palm Desert?
The median owner-occupied home value in Palm Desert, California is $491,600, against $510,300 across Riverside County.
Is it cheaper to rent or buy in Palm Desert?
Median gross rent in Palm Desert is $1,717 a month, against $3,762 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 Palm Desert?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Palm Desert, California at today's rate takes a household income of roughly $161,000 a year. That covers the full $3,762 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Palm Desert, 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.