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 | Cerritos | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $635,083 | $642,203 | $242,182 |
| Price Trend (Annual %) | 2.2% | 10.0% | 8.2% |
| Median Gross Rent | $2,907 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cerritos is about 1% lower than in California. Rent is about 49% 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 Cerritos, up about 2.2% and 4.2% a year respectively. Rent is changing faster.
Median rent in Cerritos rose about 38.2% between 2015 and 2023, from $2,104 to $2,907. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 4.7 yearly household incomes in Cerritos.
Buying the median-priced home in Cerritos costs roughly 18.2 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 Cerritos. The price-to-rent ratio in California is about 27.4.
| Metric | Cerritos | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $635,083 | $642,203 | $242,182 |
| Median Household Income | $135,210 | $96,718 | $78,145 |
| Price-to-Income Ratio | 4.7 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Cerritos rose about 0.5%, while median household income rose about 53.5% 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 | Cerritos | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 73.2% | 51.6% | 58.2% |
| Rental Rate | 24.9% | 40.9% | 31.3% |
| Vacancy Rate | 1.8% | 7.6% | 10.6% |
| Median Tenure (years) | 20.0 | 15.0 | 15.0 |
| Median Year Moved In | 2006 | 2011 | 2011 |
Cerritos has a homeownership rate of 73.2%, higher than the California average of 51.6%. Its housing vacancy rate is 1.8%, compared with 7.6% in California.
Housing Stock
| Metric | Cerritos | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.05 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1974 | 1975 | 1978 |
| Median Number of Rooms | 6.1 | 5.0 | 5.5 |
The typical housing unit in Cerritos was built around 1974. On average, 3.0 people live in a home with about 6.1 rooms, staying for about 20.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cerritos, California.
What is the median home price in Cerritos, California?
The median home price in Cerritos, California is $635,083, lower than the California average of $642,203.
What is the average home price in Cerritos, 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 Cerritos, California?
The median gross rent in Cerritos, California is $2,907 per month, higher than the California average of $1,955.
What was the median gross rent in Cerritos in 2020?
In 2020, the median gross rent in Cerritos, California was $2,454 per month.
What is the price-to-rent ratio in Cerritos, California?
The price-to-rent ratio in Cerritos, California is about 18.2, meaning it would take roughly 18.2 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 Cerritos.
Are home prices or rent rising faster in Cerritos, California?
Both home prices and rent are rising in Cerritos, up about 2.2% and 4.2% a year respectively. Rent is changing faster.
What is the homeownership rate in Cerritos, California?
73.2% of households in Cerritos, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Cerritos, California?
The housing vacancy rate in Cerritos, California is 1.8%, lower than the California average of 7.6%.