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 | Banning | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $66,673 | $642,203 | $242,182 |
| Price Trend (Annual %) | -11.3% | 10.0% | 8.2% |
| Median Gross Rent | $1,456 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.7% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Banning is about 90% lower than in California. Rent is about 26% lower than the California average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Banning: home prices fell about 11.3% a year while rent rose about 6.7% a year. That is an unusual pattern worth watching.
Median rent in Banning rose about 52.6% between 2015 and 2023, from $954 to $1,456. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 1.1 yearly household incomes in Banning.
Buying the median-priced home in Banning costs roughly 3.8 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Banning. The price-to-rent ratio in California is about 27.4.
| Metric | Banning | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $66,673 | $642,203 | $242,182 |
| Median Household Income | $61,262 | $96,718 | $78,145 |
| Price-to-Income Ratio | 1.1 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Banning fell about 61.2%, while median household income rose about 51.7% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Banning | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.2% | 51.6% | 58.2% |
| Rental Rate | 29.7% | 40.9% | 31.3% |
| Vacancy Rate | 6.1% | 7.6% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Banning has a homeownership rate of 64.2%, higher than the California average of 51.6%. Its housing vacancy rate is 6.1%, compared with 7.6% in California.
Housing Stock
| Metric | Banning | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.89 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1979 | 1975 | 1978 |
| Median Number of Rooms | 5.0 | 5.0 | 5.5 |
The typical housing unit in Banning was built around 1979. On average, 2.9 people live in a home with about 5.0 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Banning, California.
What is the median home price in Banning, California?
The median home price in Banning, California is $66,673, lower than the California average of $642,203.
What is the average home price in Banning, 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 Banning, California?
The median gross rent in Banning, California is $1,456 per month, lower than the California average of $1,955.
What was the median gross rent in Banning in 2020?
In 2020, the median gross rent in Banning, California was $1,025 per month.
What is the price-to-rent ratio in Banning, California?
The price-to-rent ratio in Banning, California is about 3.8, meaning it would take roughly 3.8 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Banning.
Are home prices or rent rising faster in Banning, California?
Home prices and rent are moving in opposite directions in Banning: home prices fell about 11.3% a year while rent rose about 6.7% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Banning, California?
64.2% of households in Banning, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Banning, California?
The housing vacancy rate in Banning, California is 6.1%, lower than the California average of 7.6%.