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 | Claremont | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,264,800 | $642,203 | $242,182 |
| Price Trend (Annual %) | 15.7% | 10.0% | 8.2% |
| Median Gross Rent | $2,119 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.5% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Claremont is about 97% higher than in California. Rent is about 8% 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 Claremont, up about 15.7% and 6.5% a year respectively. Home prices are changing faster.
Median rent in Claremont rose about 58.0% between 2015 and 2023, from $1,342 to $2,119. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 10.3 yearly household incomes in Claremont.
Buying the median-priced home in Claremont costs roughly 49.7 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 Claremont. The price-to-rent ratio in California is about 27.4.
| Metric | Claremont | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,264,800 | $642,203 | $242,182 |
| Median Household Income | $123,282 | $96,718 | $78,145 |
| Price-to-Income Ratio | 10.3 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Claremont rose about 264.7%, while median household income rose about 54.3% 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 | Claremont | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 61.9% | 51.6% | 58.2% |
| Rental Rate | 33.4% | 40.9% | 31.3% |
| Vacancy Rate | 4.7% | 7.6% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Claremont has a homeownership rate of 61.9%, higher than the California average of 51.6%. Its housing vacancy rate is 4.7%, compared with 7.6% in California.
Housing Stock
| Metric | Claremont | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1966 | 1975 | 1978 |
| Median Number of Rooms | 5.9 | 5.0 | 5.5 |
The typical housing unit in Claremont was built around 1966. On average, 2.5 people live in a home with about 5.9 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Claremont, California.
What is the median home price in Claremont, California?
The median home price in Claremont, California is $1,264,800, higher than the California average of $642,203.
What is the average home price in Claremont, 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 Claremont, California?
The median gross rent in Claremont, California is $2,119 per month, higher than the California average of $1,955.
What was the median gross rent in Claremont in 2020?
In 2020, the median gross rent in Claremont, California was $1,601 per month.
What is the price-to-rent ratio in Claremont, California?
The price-to-rent ratio in Claremont, California is about 49.7, meaning it would take roughly 49.7 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 Claremont.
Are home prices or rent rising faster in Claremont, California?
Both home prices and rent are rising in Claremont, up about 15.7% and 6.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Claremont, California?
61.9% of households in Claremont, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Claremont, California?
The housing vacancy rate in Claremont, California is 4.7%, lower than the California average of 7.6%.