Total monthly cost of ownership
Cost to Own a Home in Penn Valley, California
A $530,000 home here costs
$3,828per 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 $164,000 a year.
A standard mortgage calculator would have told you $2,890. The real number is $938 higher every month, 32% more than the payment most buyers budget for.
Compare Nevada County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Penn Valley from a five-year rolling sample, and with about 1,197 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Nevada County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Penn Valley against Nevada County and California
| Measure | Penn Valley | Nevada County |
|---|---|---|
| Median home value | $530,100 | $602,800 |
| Median property tax | $2,358 | $4,468 |
| Effective tax rate | 0.445% | 0.741% |
| Median gross rent | $1,608 | $1,635 |
| Population | 1,197 | 102,452 |
The weather behind that power bill
Penn Valley sits in Nevada County, which averages a high of 77.8°F in its hottest month and a low of 33.1°F in its coldest, with 62.44" of precipitation a year and 50% of it in a single three-month stretch. That climate drives 552 cooling and 5,213 heating degree days, which is what sets the $150 electricity line above.
See the full climate breakdown for Nevada County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Nevada County
Full Nevada County cost breakdown · Every county in California
Talk to someone who works this market
These are Penn Valley 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 Penn Valley every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Penn Valley I already own here and may sell
Common questions
How much does it cost to own a home in Penn Valley?
A $530,000 home in Penn Valley, California costs approximately $3,828 per month with 20% down at 7.24%. That is $2,890 principal and interest, $197 property tax, $82 homeowners insurance, $218 utilities and $442 set aside for maintenance.
What is the property tax rate in Penn Valley?
Penn Valley has an effective property tax rate of 0.445%, based on a median home value of $530,100 and median real estate taxes of $2,358. That is lower than the Nevada County average of 0.741%.
What is the average home price in Penn Valley?
The median owner-occupied home value in Penn Valley, California is $530,100, against $602,800 across Nevada County.
Is it cheaper to rent or buy in Penn Valley?
Median gross rent in Penn Valley is $1,608 a month, against $3,828 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 Penn Valley?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Penn Valley, California at today's rate takes a household income of roughly $164,000 a year. That covers the full $3,828 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Penn Valley, 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.