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 | Berkeley | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,576,726 | $642,203 | $242,182 |
| Price Trend (Annual %) | 26.0% | 10.0% | 8.2% |
| Median Gross Rent | $2,127 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.8% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Berkeley is about 146% higher than in California. Rent is about 9% 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 Berkeley, up about 26.0% and 5.8% a year respectively. Home prices are changing faster.
Median rent in Berkeley rose about 56.1% between 2015 and 2023, from $1,362 to $2,127. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 14.5 yearly household incomes in Berkeley.
Buying the median-priced home in Berkeley costs roughly 61.8 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Berkeley. The price-to-rent ratio in California is about 27.4.
| Metric | Berkeley | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,576,726 | $642,203 | $242,182 |
| Median Household Income | $109,042 | $96,718 | $78,145 |
| Price-to-Income Ratio | 14.5 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Berkeley rose about 194.6%, while median household income rose about 83.9% 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 | Berkeley | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 38.9% | 51.6% | 58.2% |
| Rental Rate | 50.9% | 40.9% | 31.3% |
| Vacancy Rate | 10.3% | 7.6% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Berkeley has a homeownership rate of 38.9%, lower than the California average of 51.6%. Its housing vacancy rate is 10.3%, compared with 7.6% in California.
Housing Stock
| Metric | Berkeley | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.30 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1951 | 1975 | 1978 |
| Median Number of Rooms | 4.3 | 5.0 | 5.5 |
The typical housing unit in Berkeley was built around 1951. On average, 2.3 people live in a home with about 4.3 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Berkeley, California.
What is the median home price in Berkeley, California?
The median home price in Berkeley, California is $1,576,726, higher than the California average of $642,203.
What is the average home price in Berkeley, 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 Berkeley, California?
The median gross rent in Berkeley, California is $2,127 per month, higher than the California average of $1,955.
What was the median gross rent in Berkeley in 2020?
In 2020, the median gross rent in Berkeley, California was $1,766 per month.
What is the price-to-rent ratio in Berkeley, California?
The price-to-rent ratio in Berkeley, California is about 61.8, meaning it would take roughly 61.8 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Berkeley.
Are home prices or rent rising faster in Berkeley, California?
Both home prices and rent are rising in Berkeley, up about 26.0% and 5.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Berkeley, California?
38.9% of households in Berkeley, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Berkeley, California?
The housing vacancy rate in Berkeley, California is 10.3%, higher than the California average of 7.6%.