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 | Bloomington | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $343,490 | $642,203 | $242,182 |
| Price Trend (Annual %) | 6.2% | 10.0% | 8.2% |
| Median Gross Rent | $1,587 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bloomington is about 47% lower than in California. Rent is about 19% 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 Bloomington, up about 6.2% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Bloomington rose about 45.1% between 2015 and 2023, from $1,094 to $1,587. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Bloomington.
Buying the median-priced home in Bloomington costs roughly 18.0 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 Bloomington. The price-to-rent ratio in California is about 27.4.
| Metric | Bloomington | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $343,490 | $642,203 | $242,182 |
| Median Household Income | $84,574 | $96,718 | $78,145 |
| Price-to-Income Ratio | 4.1 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bloomington rose about 74.9%, while median household income rose about 64.5% 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 | Bloomington | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.3% | 51.6% | 58.2% |
| Rental Rate | 31.7% | 40.9% | 31.3% |
| Vacancy Rate | 4.0% | 7.6% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
Bloomington has a homeownership rate of 64.3%, higher than the California average of 51.6%. Its housing vacancy rate is 4.0%, compared with 7.6% in California.
Housing Stock
| Metric | Bloomington | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.84 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1975 | 1975 | 1978 |
| Median Number of Rooms | 5.5 | 5.0 | 5.5 |
The typical housing unit in Bloomington was built around 1975. On average, 3.8 people live in a home with about 5.5 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bloomington, California.
What is the median home price in Bloomington, California?
The median home price in Bloomington, California is $343,490, lower than the California average of $642,203.
What is the average home price in Bloomington, 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 Bloomington, California?
The median gross rent in Bloomington, California is $1,587 per month, lower than the California average of $1,955.
What was the median gross rent in Bloomington in 2020?
In 2020, the median gross rent in Bloomington, California was $1,274 per month.
What is the price-to-rent ratio in Bloomington, California?
The price-to-rent ratio in Bloomington, California is about 18.0, meaning it would take roughly 18.0 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 Bloomington.
Are home prices or rent rising faster in Bloomington, California?
Both home prices and rent are rising in Bloomington, up about 6.2% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bloomington, California?
64.3% of households in Bloomington, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Bloomington, California?
The housing vacancy rate in Bloomington, California is 4.0%, lower than the California average of 7.6%.