California rent hikes grow 38% slower than a homebuyer's payment

California renters are seeing rent growth that’s rising more slowly than a homebuyer’s monthly payment. Using Zillow data for 50 major U.S. metro areas, including six in California, the analysis compares September 2026 with the pre-pandemic baseline from seven years earlier. Median rent in those six California metros jumped 42% to $2,929 per month since 2019, while the estimated monthly payment for a buyer rose 113% to $6,770 for a $929,600 purchase. The report attributes part of the increase to a higher 30-year mortgage rate and adds costs such as property taxes, insurance, and assuming only a 10% down payment. Nationally, rent hikes were also 38% smaller than buying-cost increases.