Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Bakersfield | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $301,447 | $642,203 | $242,182 |
| Price Trend (Annual %) | 10.6% | 10.0% | 8.2% |
| Median Gross Rent | $1,324 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 4.5% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bakersfield is about 53% lower than in California. Rent is about 32% lower than the California average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Bakersfield, up about 10.6% and 4.5% a year respectively. Home prices are changing faster.
Median rent in Bakersfield rose about 39.4% between 2015 and 2023, from $949 to $1,324. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Bakersfield.
Buying the median-priced home in Bakersfield costs roughly 19.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Bakersfield. The price-to-rent ratio in California is about 27.4.
| Metric | Bakersfield | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $301,447 | $642,203 | $242,182 |
| Median Household Income | $74,452 | $96,718 | $78,145 |
| Price-to-Income Ratio | 4.0 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bakersfield rose about 113.5%, while median household income rose about 48.3% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Bakersfield | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.3% | 51.6% | 58.2% |
| Rental Rate | 38.8% | 40.9% | 31.3% |
| Vacancy Rate | 4.9% | 7.6% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Bakersfield has a homeownership rate of 56.3%, higher than the California average of 51.6%. Its housing vacancy rate is 4.9%, compared with 7.6% in California.
Housing Stock
| Metric | Bakersfield | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.18 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1987 | 1975 | 1978 |
| Median Number of Rooms | 5.2 | 5.0 | 5.5 |
The typical housing unit in Bakersfield was built around 1987. On average, 3.2 people live in a home with about 5.2 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bakersfield, California.
What is the median home price in Bakersfield, California?
The median home price in Bakersfield, California is $301,447, lower than the California average of $642,203.
What is the average home price in Bakersfield, California?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Bakersfield, California?
The median gross rent in Bakersfield, California is $1,324 per month, lower than the California average of $1,955.
What was the median gross rent in Bakersfield in 2020?
In 2020, the median gross rent in Bakersfield, California was $1,091 per month.
What is the price-to-rent ratio in Bakersfield, California?
The price-to-rent ratio in Bakersfield, California is about 19.0, meaning it would take roughly 19.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Bakersfield.
Are home prices or rent rising faster in Bakersfield, California?
Both home prices and rent are rising in Bakersfield, up about 10.6% and 4.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bakersfield, California?
56.3% of households in Bakersfield, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Bakersfield, California?
The housing vacancy rate in Bakersfield, California is 4.9%, lower than the California average of 7.6%.