Study: Downey homes are 2.1 times more expensive to buy than rent

(Photo by Tim Boyle/Getty Images)

DOWNEY — Buying a home in Downey is now more than twice as expensive as renting, according to a new housing affordability study released today by Construction Coverage.

The report, titled Cities Where It’s Cheaper to Buy Than Rent [2025 Edition], finds that Downey homeowners are paying a steep premium to own property. As of January 2025, the median monthly mortgage payment in Downey is $5,573, compared to a median monthly rent of $2,601 — a 114.3% difference. That means it costs roughly 2.1 times more to buy a home in the city than to rent one.

Downey’s median home price currently stands at $860,177.

The analysis is part of a national review of 343 U.S. cities and over 1,000 counties. Only 32 cities — mostly in Southern states like Alabama, Georgia, and Texas, or in Rust Belt regions like Ohio and Michigan — were identified as being more affordable for buyers than renters. Downey, along with much of California, falls on the opposite end of the spectrum.

Nationally, the study found that the typical monthly mortgage payment — including property taxes — is 21% higher than the median rent. However, that gap is significantly wider in cities like Downey, where high home prices and rising interest rates have made buying prohibitively expensive for many residents.

The report underscores growing concerns about housing affordability in Southern California, where home prices continue to outpace income growth. The trend has prompted some residents to delay buying or leave the region altogether in search of more affordable living.

Construction Coverage is a leading online publisher of construction industry research. Its work has been featured by CBS, Fox, Bloomberg, USA Today, and other major outlets.

The full report, including a breakdown of cities and counties nationwide, can be found here.