Covina, California Housing Market Prices
Covina Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 5% below the California median$618,720
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Median rent 7% below the California median$1,901
Housing Market Overview
| Metric | Covina | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $618,720 | $650,794 | $248,835 |
| Price Trend (Annual %) | 9.9% | 8.9% | 7.5% |
| Median Gross Rent | $1,901 | $2,036 | $1,407 |
| Rent Trend (Annual %) | 5.0% | 5.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Covina is about 5% lower than in California. Rent is about 7% lower than the California average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Covina, up about 9.9% and 5.0% a year respectively. Home prices are changing faster.
Median rent in Covina rose about 51.9% between 2015 and 2024, from $1,251 to $1,901. Over the same span, rent in California rose about 62.2%.
Affordability
On average, housing unit costs 6.3 yearly household incomes in Covina.
Buying the median-priced home in Covina costs roughly 27.1 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 Covina. The price-to-rent ratio in California is about 26.6.
| Metric | Covina | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $618,720 | $650,794 | $248,835 |
| Median Household Income | $98,863 | $99,161 | $80,455 |
| Price-to-Income Ratio | 6.3 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Covina rose about 91.5%, while median household income rose about 45.6% between 2009 and 2025 — 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 | Covina | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.6% | 51.7% | 58.5% |
| Rental Rate | 38.3% | 40.8% | 31.2% |
| Vacancy Rate | 4.1% | 7.5% | 10.2% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Covina has a homeownership rate of 57.6%, higher than the California average of 51.7%. Its housing vacancy rate is 4.1%, compared with 7.5% in California.
Housing Stock
| Metric | Covina | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.15 people | 2.84 people | 2.53 people |
| Median Structure Built Year | 1966 | 1975 | 1978 |
| Median Number of Rooms | 5.2 | 5.0 | 5.5 |
The typical housing unit in Covina was built around 1966. On average, 3.1 people live in a home with about 5.2 rooms, staying for about 15.0 years on average.
Covina, CA Housing Compared With Nearby Cities
How Covina, CA compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Covina, CA | 51,499 | $618,720 #2/2 | $1,901 #2/2 | 60.1% #2/2 |
| West Covina, CA | 107,398 | $728,317 | $2,227 | 61.4% |
Frequently Asked Questions
Common questions about the housing market in Covina, California.
What is the median home price in Covina, California?
The median home price in Covina, California is $618,720, lower than the California average of $650,794.
What is the average home price in Covina, California?
The typical home price in Covina, California, reported as the median sale price, is $618,720. 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 Covina, California?
The median gross rent in Covina, California is $1,901 per month, lower than the California average of $2,036.
What was the median gross rent in Covina in 2020?
In 2020, the median gross rent in Covina, California was $1,547 per month.
What is the price-to-rent ratio in Covina, California?
The price-to-rent ratio in Covina, California is about 27.1, meaning it would take roughly 27.1 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 Covina.
Are home prices or rent rising faster in Covina, California?
Both home prices and rent are rising in Covina, up about 9.9% and 5.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Covina, California?
57.6% of households in Covina, California own their home, higher than the California average of 51.7%.
What is the vacancy rate in Covina, California?
The housing vacancy rate in Covina, California is 4.1%, lower than the California average of 7.5%.
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