Home Affordability in Moreno Valley, CA
The median home price in Moreno Valley is $500,000 with a median household income of $62,748. Housing is significantly stretched relative to local incomes.
Median Home Price
$500,000
Median Income
$62,748
Price-to-Income Ratio
8.0x
Est. Affordable Home
$244,000
Property Tax Rate
0.95%
Annual Property Tax
$4,750
Sales Tax Rate
8.75%
Cost of Living Index
108
Buying a Home in Moreno Valley
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $62,748 in Moreno Valley can afford a monthly housing payment of approximately $1,464. This translates to a home price of roughly $244,000, which is below the median home price of $500,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Moreno Valley would be approximately $4,750 per year ($396/month) at the effective rate of 0.95%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $15,000 | $485,000 | Yes |
| 5% | $25,000 | $475,000 | Yes |
| 10% | $50,000 | $450,000 | Yes |
| 20% | $100,000 | $400,000 | No |
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