Is it cheaper to rent or buy right now in Perris, CA? For Melissa, a 28-year-old nurse, that question is top of mind as she ponders her next housing move. She’s saved up a modest down payment but wonders if continuing to rent might be the smarter choice in the current market. To help Melissa and others facing a similar decision, let’s take a closer look at the cost of living in an apartment vs house in Perris.
The Housing Market in Perris Today
The local housing climate in Perris can be described as competitive but still relatively affordable compared to other parts of Southern California. Inventory has tightened somewhat in recent years, with the median days on market for homes hovering around 30 days. However, a steady stream of new housing developments, especially multi-family units and condos, are rising in and around the downtown area.
One unique characteristic of the Perris housing market is the prevalence of spacious lots and large backyards, even for many newer homes. This appeals to families looking for room to spread out without breaking the bank. At the same time, an increasing number of apartment complexes are offering amenities like green spaces, fitness centers, and co-working areas to attract young professionals.
Renting in Perris: What’s Typical?
For renters in Perris, a one-bedroom apartment goes for around $1,450 per month, while a two-bedroom unit typically runs about $1,800. These prices represent an increase of roughly 5% compared to a year ago, but areas like the Downtown Village District and neighborhoods east of Redlands Avenue still offer relatively affordable options for working professionals.
Young singles, couples, and small families make up a significant portion of the renter population in Perris. Many are drawn to the city’s proximity to major employers in Riverside and San Bernardino counties, as well as the comparatively lower rents than coastal areas. Students attending nearby UC Riverside and Mt. San Jacinto College are also a common sight in Perris’ rental communities.
Owning a Home in Perris
For those looking to buy, the median home price in Perris currently stands at $450,000. Assuming a 10% down payment and a 30-year fixed mortgage at 3.5% interest, that translates to a typical monthly payment of around $1,825. However, homeowners must also factor in additional costs like property taxes (averaging $2,800 per year in Perris), homeowners insurance (about $800 annually), and potentially HOA dues for those in managed communities.
While these costs can add up, many still see buying as a worthwhile investment. For a median-priced home, buyers in Perris can expect to build nearly $9,000 in equity per year, based on recent appreciation rates. Plus, unlike rents which can increase indefinitely, a fixed-rate mortgage helps to stabilize housing costs over the long term.
Renters vs. Homeowners: Who Lives Where?
Perris’ homeownership rate of 60% is slightly lower than the national average, but still indicates that a majority of residents own their homes. Older, more established neighborhoods like May Ranch and Green Valley tend to have higher concentrations of homeowners, many of whom have lived there for decades.
By contrast, newer developments and downtown-adjacent areas typically have larger shares of renters. While renting is common among younger individuals and those still saving for a down payment, Perris’ reasonable prices mean that a good portion of renters are middle and even high earners who could likely afford to buy.
| Housing Cost | Apartment (2BR) | House (Median Price) |
|---|---|---|
| Rent/Mortgage | $1,800 | $1,825 |
| Property Tax | $0 | $235 |
| Utilities | $180 | $280 |
| Insurance | $15 | $67 |
| HOA | $0 | $250 |
| Total | $1,995 | $2,657 |
Estimates reflect mid-range properties and average usage.
What’s Driving Costs Up or Down?
As a growing city, Perris is contending with many of the same supply and demand issues facing the broader region. The local job market has shown resilience in recent years, with major employers in healthcare, education, and retail helping to drive demand for housing. This is especially true in the more central areas of town.
At the same time, Perris has been proactive about approving new housing developments to help keep pace with population growth. Zoning changes have allowed for higher density in some areas, and “in-fill” projects are becoming more common. This has helped to moderate price increases, even if it hasn’t completely offset the upward pressure.
FAQs About Housing in Perris
- Is Perris affordable to live in? Compared to many other Southern California cities, Perris still offers a relatively affordable cost of living. While housing costs have risen in recent years, they remain lower than in coastal areas or major job centers like Los Angeles and San Diego.
- Why are housing prices changing? A combination of steady population growth, a resilient local economy, and constrained housing supply have all contributed to rising prices in Perris. However, the city’s ongoing efforts to approve new development have helped to moderate these increases.
- How does Perris compare to nearby cities? Perris is generally more affordable than cities closer to the coast, like Riverside and Murrieta. At the same time, it tends to be slightly pricier than further-flung locales like Hemet and San Jacinto, largely due to its closer proximity to job centers and transportation corridors.
Making Smart Housing Decisions in Perris
For Melissa and other Perris residents weighing their housing options, the choice between renting and buying is a personal one that depends on a variety of factors. Renting offers greater flexibility and lower upfront costs, which may appeal to those still saving for a down payment or who anticipate moving in the near future.
On the other hand, buying provides an opportunity to build long-term equity and lock in housing costs (at least to an extent). With interest rates still near historic lows, many are finding that a monthly mortgage payment is comparable to what they’d pay in rent.
Ultimately, the decision comes down to one’s individual financial situation, long-term goals, and lifestyle preferences. But by understanding the key cost drivers and trends shaping Perris’ housing market, residents can make more informed choices about where and how to live. For more insights, check out these resources:
- Sample Monthly Budgets for Perris in 2025
- Cost of Living in Perris – Housing, Groceries, Taxes & More