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 | Cupertino | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $642,203 | $242,182 |
| Price Trend (Annual %) | 26.7% | 10.0% | 8.2% |
| Median Gross Rent | $3,500 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.1% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cupertino is about 211% higher than in California. Rent is about 79% 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 Cupertino, up about 26.7% and 5.1% a year respectively. Home prices are changing faster.
Median rent in Cupertino rose about 48.9% between 2015 and 2023, from $2,350 to $3,500. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 10.0 yearly household incomes in Cupertino.
Buying the median-priced home in Cupertino costs roughly 47.6 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 Cupertino. The price-to-rent ratio in California is about 27.4.
| Metric | Cupertino | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $642,203 | $242,182 |
| Median Household Income | $200,000 | $96,718 | $78,145 |
| Price-to-Income Ratio | 10.0 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Cupertino rose about 85.6%, while median household income rose about 134.1% 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 | Cupertino | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.0% | 51.6% | 58.2% |
| Rental Rate | 38.4% | 40.9% | 31.3% |
| Vacancy Rate | 5.6% | 7.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Cupertino has a homeownership rate of 56.0%, higher than the California average of 51.6%. Its housing vacancy rate is 5.6%, compared with 7.6% in California.
Housing Stock
| Metric | Cupertino | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.78 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1975 | 1975 | 1978 |
| Median Number of Rooms | 5.2 | 5.0 | 5.5 |
The typical housing unit in Cupertino was built around 1975. On average, 2.8 people live in a home with about 5.2 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cupertino, California.
What is the median home price in Cupertino, California?
The median home price in Cupertino, California is $2,000,000, higher than the California average of $642,203.
What is the average home price in Cupertino, 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 Cupertino, California?
The median gross rent in Cupertino, California is $3,500 per month, higher than the California average of $1,955.
What was the median gross rent in Cupertino in 2020?
In 2020, the median gross rent in Cupertino, California was $3,181 per month.
What is the price-to-rent ratio in Cupertino, California?
The price-to-rent ratio in Cupertino, California is about 47.6, meaning it would take roughly 47.6 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 Cupertino.
Are home prices or rent rising faster in Cupertino, California?
Both home prices and rent are rising in Cupertino, up about 26.7% and 5.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Cupertino, California?
56.0% of households in Cupertino, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Cupertino, California?
The housing vacancy rate in Cupertino, California is 5.6%, lower than the California average of 7.6%.