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 | Carmichael | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $519,643 | $642,203 | $242,182 |
| Price Trend (Annual %) | 9.7% | 10.0% | 8.2% |
| Median Gross Rent | $1,594 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 7.5% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Carmichael is about 19% lower than in California. Rent is about 18% 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 Carmichael, up about 9.7% and 7.5% a year respectively. Home prices are changing faster.
Median rent in Carmichael rose about 68.3% between 2015 and 2023, from $947 to $1,594. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 5.9 yearly household incomes in Carmichael.
Buying the median-priced home in Carmichael costs roughly 27.2 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 Carmichael. The price-to-rent ratio in California is about 27.4.
| Metric | Carmichael | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $519,643 | $642,203 | $242,182 |
| Median Household Income | $87,624 | $96,718 | $78,145 |
| Price-to-Income Ratio | 5.9 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Carmichael rose about 40.1%, while median household income rose about 53.8% 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 | Carmichael | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.8% | 51.6% | 58.2% |
| Rental Rate | 43.1% | 40.9% | 31.3% |
| Vacancy Rate | 5.0% | 7.6% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Carmichael has a homeownership rate of 51.8%, about the same as the California average of 51.6%. Its housing vacancy rate is 5.0%, compared with 7.6% in California.
Housing Stock
| Metric | Carmichael | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1974 | 1975 | 1978 |
| Median Number of Rooms | 5.4 | 5.0 | 5.5 |
The typical housing unit in Carmichael was built around 1974. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Carmichael, California.
What is the median home price in Carmichael, California?
The median home price in Carmichael, California is $519,643, lower than the California average of $642,203.
What is the average home price in Carmichael, 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 Carmichael, California?
The median gross rent in Carmichael, California is $1,594 per month, lower than the California average of $1,955.
What was the median gross rent in Carmichael in 2020?
In 2020, the median gross rent in Carmichael, California was $1,241 per month.
What is the price-to-rent ratio in Carmichael, California?
The price-to-rent ratio in Carmichael, California is about 27.2, meaning it would take roughly 27.2 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 Carmichael.
Are home prices or rent rising faster in Carmichael, California?
Both home prices and rent are rising in Carmichael, up about 9.7% and 7.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Carmichael, California?
51.8% of households in Carmichael, California own their home, about the same as the California average.
What is the vacancy rate in Carmichael, California?
The housing vacancy rate in Carmichael, California is 5.0%, lower than the California average of 7.6%.