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 | El Centro | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $297,574 | $642,203 | $242,182 |
| Price Trend (Annual %) | 100.0% | 10.0% | 8.2% |
| Median Gross Rent | $977 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in El Centro is about 54% lower than in California. Rent is about 50% lower 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 El Centro, up about 100.0% and 3.9% a year respectively. Home prices are changing faster.
Median rent in El Centro rose about 31.8% between 2015 and 2023, from $741 to $977. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 5.5 yearly household incomes in El Centro.
Buying the median-priced home in El Centro costs roughly 25.4 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 El Centro. The price-to-rent ratio in California is about 27.4.
| Metric | El Centro | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $297,574 | $642,203 | $242,182 |
| Median Household Income | $54,411 | $96,718 | $78,145 |
| Price-to-Income Ratio | 5.5 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in El Centro rose about 146.5%, while median household income rose about 44.5% 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 | El Centro | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.7% | 51.6% | 58.2% |
| Rental Rate | 45.7% | 40.9% | 31.3% |
| Vacancy Rate | 11.6% | 7.6% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
El Centro has a homeownership rate of 42.7%, lower than the California average of 51.6%. Its housing vacancy rate is 11.6%, compared with 7.6% in California.
Housing Stock
| Metric | El Centro | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.35 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1980 | 1975 | 1978 |
| Median Number of Rooms | 4.6 | 5.0 | 5.5 |
The typical housing unit in El Centro was built around 1980. On average, 3.3 people live in a home with about 4.6 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in El Centro, California.
What is the median home price in El Centro, California?
The median home price in El Centro, California is $297,574, lower than the California average of $642,203.
What is the average home price in El Centro, 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 El Centro, California?
The median gross rent in El Centro, California is $977 per month, lower than the California average of $1,955.
What was the median gross rent in El Centro in 2020?
In 2020, the median gross rent in El Centro, California was $814 per month.
What is the price-to-rent ratio in El Centro, California?
The price-to-rent ratio in El Centro, California is about 25.4, meaning it would take roughly 25.4 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 El Centro.
Are home prices or rent rising faster in El Centro, California?
Both home prices and rent are rising in El Centro, up about 100.0% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in El Centro, California?
42.7% of households in El Centro, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in El Centro, California?
The housing vacancy rate in El Centro, California is 11.6%, higher than the California average of 7.6%.