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 | Benicia | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $491,938 | $642,203 | $242,182 |
| Price Trend (Annual %) | 4.7% | 10.0% | 8.2% |
| Median Gross Rent | $2,462 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 7.9% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Benicia is about 23% lower than in California. Rent is about 26% higher 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 Benicia, up about 4.7% and 7.9% a year respectively. Rent is changing faster.
Median rent in Benicia rose about 75.1% between 2015 and 2023, from $1,406 to $2,462. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Benicia.
Buying the median-priced home in Benicia costs roughly 16.7 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 Benicia. The price-to-rent ratio in California is about 27.4.
| Metric | Benicia | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $491,938 | $642,203 | $242,182 |
| Median Household Income | $129,370 | $96,718 | $78,145 |
| Price-to-Income Ratio | 3.8 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Benicia rose about 63.6%, while median household income rose about 43.5% 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 | Benicia | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.0% | 51.6% | 58.2% |
| Rental Rate | 28.0% | 40.9% | 31.3% |
| Vacancy Rate | 4.0% | 7.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Benicia has a homeownership rate of 68.0%, higher than the California average of 51.6%. Its housing vacancy rate is 4.0%, compared with 7.6% in California.
Housing Stock
| Metric | Benicia | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1980 | 1975 | 1978 |
| Median Number of Rooms | 5.9 | 5.0 | 5.5 |
The typical housing unit in Benicia was built around 1980. On average, 2.5 people live in a home with about 5.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Benicia, California.
What is the median home price in Benicia, California?
The median home price in Benicia, California is $491,938, lower than the California average of $642,203.
What is the average home price in Benicia, 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 Benicia, California?
The median gross rent in Benicia, California is $2,462 per month, higher than the California average of $1,955.
What was the median gross rent in Benicia in 2020?
In 2020, the median gross rent in Benicia, California was $2,080 per month.
What is the price-to-rent ratio in Benicia, California?
The price-to-rent ratio in Benicia, California is about 16.7, meaning it would take roughly 16.7 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 Benicia.
Are home prices or rent rising faster in Benicia, California?
Both home prices and rent are rising in Benicia, up about 4.7% and 7.9% a year respectively. Rent is changing faster.
What is the homeownership rate in Benicia, California?
68.0% of households in Benicia, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Benicia, California?
The housing vacancy rate in Benicia, California is 4.0%, lower than the California average of 7.6%.