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 | Costa Mesa | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $932,449 | $642,203 | $242,182 |
| Price Trend (Annual %) | 0.5% | 10.0% | 8.2% |
| Median Gross Rent | $2,410 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Costa Mesa is about 45% higher than in California. Rent is about 23% 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 Costa Mesa, up about 0.5% and 5.6% a year respectively. Rent is changing faster.
Median rent in Costa Mesa rose about 52.7% between 2015 and 2023, from $1,578 to $2,410. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 8.4 yearly household incomes in Costa Mesa.
Buying the median-priced home in Costa Mesa costs roughly 32.2 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 Costa Mesa. The price-to-rent ratio in California is about 27.4.
| Metric | Costa Mesa | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $932,449 | $642,203 | $242,182 |
| Median Household Income | $111,624 | $96,718 | $78,145 |
| Price-to-Income Ratio | 8.4 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Costa Mesa rose about 99.9%, while median household income rose about 76.4% 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 | Costa Mesa | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 37.1% | 51.6% | 58.2% |
| Rental Rate | 57.9% | 40.9% | 31.3% |
| Vacancy Rate | 5.0% | 7.6% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Costa Mesa has a homeownership rate of 37.1%, lower than the California average of 51.6%. Its housing vacancy rate is 5.0%, compared with 7.6% in California.
Housing Stock
| Metric | Costa Mesa | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.59 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1972 | 1975 | 1978 |
| Median Number of Rooms | 4.4 | 5.0 | 5.5 |
The typical housing unit in Costa Mesa was built around 1972. On average, 2.6 people live in a home with about 4.4 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Costa Mesa, California.
What is the median home price in Costa Mesa, California?
The median home price in Costa Mesa, California is $932,449, higher than the California average of $642,203.
What is the average home price in Costa Mesa, 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 Costa Mesa, California?
The median gross rent in Costa Mesa, California is $2,410 per month, higher than the California average of $1,955.
What was the median gross rent in Costa Mesa in 2020?
In 2020, the median gross rent in Costa Mesa, California was $1,941 per month.
What is the price-to-rent ratio in Costa Mesa, California?
The price-to-rent ratio in Costa Mesa, California is about 32.2, meaning it would take roughly 32.2 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 Costa Mesa.
Are home prices or rent rising faster in Costa Mesa, California?
Both home prices and rent are rising in Costa Mesa, up about 0.5% and 5.6% a year respectively. Rent is changing faster.
What is the homeownership rate in Costa Mesa, California?
37.1% of households in Costa Mesa, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Costa Mesa, California?
The housing vacancy rate in Costa Mesa, California is 5.0%, lower than the California average of 7.6%.