Chino Hills continues to attract homebuyers with its excellent schools, suburban charm, and convenient location. If you’re considering settling down here, the big question is: should you buy or rent?

Let’s break down the numbers on a $1,190,000 home purchase and see how buying compares to renting over the next 9 years, using today’s market rates and projections.

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🏠 Buying Scenario

• Purchase Price: $1,190,000
• Down Payment (5%): $59,500
• Loan Amount: $1,130,500
• Interest Rate: 6.25%
• APR: 6.397%
• Loan Type: 30-Year Fixed, Conventional
• Forecasted Annual Appreciation: 5.18%
• Property Tax (Est.): ~1.25% of purchase price = ~$14,875/year
• Homeowner’s Insurance & Maintenance (Est.): ~$3,500/year
• PMI (Private Mortgage Insurance): ~0.6% of loan until 20% equity is reached

💸 Estimated Monthly Housing Costs:

• Principal & Interest: ~$6,957
• Property Taxes: ~$1,240
• Home Insurance & Maintenance: ~$292
• PMI: ~$565
• Total Estimated Monthly Payment: ~$9,054

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🏡 Equity & Appreciation Over 9 Years

Using a 5.18% annual appreciation rate, your home’s future value could look like this:

• Projected Home Value (Year 9): ~$1,893,000
• Loan Balance (Year 9): ~$996,000
• Estimated Home Equity (Year 9): ~$897,000

Even accounting for closing costs and selling expenses, you’re likely walking away with over $800,000 in net equity—that’s wealth-building at work.

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🏘️ Renting Scenario

Chino Hills rental rates for similar properties are currently around $4,500–$5,500/month. Let’s take the higher end for an apples-to-apples comparison.

• Monthly Rent: ~$5,500
• Annual Rent Increases (Est.): 4%
• Total Rent Paid Over 9 Years: ~$640,000+

Renting offers flexibility and lower upfront costs, but at the end of 9 years, you own nothing, and rental prices will likely have risen substantially.

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🔍 Buy vs. Rent: The Wealth Difference

Category	Buying	Renting
Total Monthly Cost	~$9,054	~$5,500
Total Equity (Year 9)	~$897,000	$0
Cash Outlay (Upfront)	$59,500 + closing costs	Security deposit + rent
Future Asset Value	~$1.89M home	None
Tax Benefits	Mortgage interest & taxes	None

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🧠 What It All Means

Yes, buying is more expensive monthly, largely due to the current interest rate and PMI. But that higher payment is building your wealth every month. Over 9 years, you could gain over $800K in equity, while renters will have paid a comparable amount in rent with nothing to show for it.

If you plan to stay in Chino Hills for at least 7–9 years, buying is clearly the better long-term financial strategy—especially in a market appreciating at 5.18% annually.

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💬 Final Thoughts

With low down payment options and long-term appreciation on your side, buying a $1.19M home in Chino Hills could be a smart move—despite today’s rates. Renting may save you money each month, but homeownership builds wealth, stability, and legacy over time.

Ready to run your numbers? Let’s chat and create a custom comparison for your goals.

David Delgado – NMLS #349079
President/CEO
Main Office (866) 587-6927
Freedom Choice Lending
NMLS #1998153