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 | Culver City | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,169,657 | $642,203 | $242,182 |
| Price Trend (Annual %) | 9.0% | 10.0% | 8.2% |
| Median Gross Rent | $2,682 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 7.3% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Culver City is about 82% higher than in California. Rent is about 37% 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 Culver City, up about 9.0% and 7.3% a year respectively. Home prices are changing faster.
Median rent in Culver City rose about 65.0% between 2015 and 2023, from $1,626 to $2,682. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 9.6 yearly household incomes in Culver City.
Buying the median-priced home in Culver City costs roughly 36.3 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 Culver City. The price-to-rent ratio in California is about 27.4.
| Metric | Culver City | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,169,657 | $642,203 | $242,182 |
| Median Household Income | $122,042 | $96,718 | $78,145 |
| Price-to-Income Ratio | 9.6 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Culver City rose about 87.1%, while median household income rose about 70.1% 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 | Culver City | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.2% | 51.6% | 58.2% |
| Rental Rate | 41.7% | 40.9% | 31.3% |
| Vacancy Rate | 7.2% | 7.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Culver City has a homeownership rate of 51.2%, about the same as the California average of 51.6%. Its housing vacancy rate is 7.2%, compared with 7.6% in California.
Housing Stock
| Metric | Culver City | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1961 | 1975 | 1978 |
| Median Number of Rooms | 4.3 | 5.0 | 5.5 |
The typical housing unit in Culver City was built around 1961. On average, 2.2 people live in a home with about 4.3 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Culver City, California.
What is the median home price in Culver City, California?
The median home price in Culver City, California is $1,169,657, higher than the California average of $642,203.
What is the average home price in Culver City, 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 Culver City, California?
The median gross rent in Culver City, California is $2,682 per month, higher than the California average of $1,955.
What was the median gross rent in Culver City in 2020?
In 2020, the median gross rent in Culver City, California was $2,071 per month.
What is the price-to-rent ratio in Culver City, California?
The price-to-rent ratio in Culver City, California is about 36.3, meaning it would take roughly 36.3 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 Culver City.
Are home prices or rent rising faster in Culver City, California?
Both home prices and rent are rising in Culver City, up about 9.0% and 7.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Culver City, California?
51.2% of households in Culver City, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Culver City, California?
The housing vacancy rate in Culver City, California is 7.2%, lower than the California average of 7.6%.