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 | Buena Park | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $698,830 | $642,203 | $242,182 |
| Price Trend (Annual %) | 3.3% | 10.0% | 8.2% |
| Median Gross Rent | $2,099 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.8% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Buena Park is about 9% higher than in California. Rent is about 7% 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 Buena Park, up about 3.3% and 5.8% a year respectively. Rent is changing faster.
Median rent in Buena Park rose about 51.1% between 2015 and 2023, from $1,389 to $2,099. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 6.7 yearly household incomes in Buena Park.
Buying the median-priced home in Buena Park costs roughly 27.7 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 Buena Park. The price-to-rent ratio in California is about 27.4.
| Metric | Buena Park | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $698,830 | $642,203 | $242,182 |
| Median Household Income | $103,668 | $96,718 | $78,145 |
| Price-to-Income Ratio | 6.7 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Buena Park rose about 35.3%, while median household income rose about 73.8% 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 | Buena Park | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.9% | 51.6% | 58.2% |
| Rental Rate | 46.9% | 40.9% | 31.3% |
| Vacancy Rate | 3.2% | 7.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Buena Park has a homeownership rate of 49.9%, lower than the California average of 51.6%. Its housing vacancy rate is 3.2%, compared with 7.6% in California.
Housing Stock
| Metric | Buena Park | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.28 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1970 | 1975 | 1978 |
| Median Number of Rooms | 4.9 | 5.0 | 5.5 |
The typical housing unit in Buena Park was built around 1970. On average, 3.3 people live in a home with about 4.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Buena Park, California.
What is the median home price in Buena Park, California?
The median home price in Buena Park, California is $698,830, higher than the California average of $642,203.
What is the average home price in Buena Park, 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 Buena Park, California?
The median gross rent in Buena Park, California is $2,099 per month, higher than the California average of $1,955.
What was the median gross rent in Buena Park in 2020?
In 2020, the median gross rent in Buena Park, California was $1,737 per month.
What is the price-to-rent ratio in Buena Park, California?
The price-to-rent ratio in Buena Park, California is about 27.7, meaning it would take roughly 27.7 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 Buena Park.
Are home prices or rent rising faster in Buena Park, California?
Both home prices and rent are rising in Buena Park, up about 3.3% and 5.8% a year respectively. Rent is changing faster.
What is the homeownership rate in Buena Park, California?
49.9% of households in Buena Park, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Buena Park, California?
The housing vacancy rate in Buena Park, California is 3.2%, lower than the California average of 7.6%.