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 | Elk Grove | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $462,992 | $642,203 | $242,182 |
| Price Trend (Annual %) | 7.6% | 10.0% | 8.2% |
| Median Gross Rent | $2,163 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.4% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Elk Grove is about 28% lower than in California. Rent is about 11% 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 Elk Grove, up about 7.6% and 5.4% a year respectively. Home prices are changing faster.
Median rent in Elk Grove rose about 47.5% between 2015 and 2023, from $1,466 to $2,163. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Elk Grove.
Buying the median-priced home in Elk Grove costs roughly 17.8 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Elk Grove. The price-to-rent ratio in California is about 27.4.
| Metric | Elk Grove | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $462,992 | $642,203 | $242,182 |
| Median Household Income | $121,290 | $96,718 | $78,145 |
| Price-to-Income Ratio | 3.8 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Elk Grove rose about 107.4%, while median household income rose about 53.7% 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 | Elk Grove | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 71.7% | 51.6% | 58.2% |
| Rental Rate | 25.8% | 40.9% | 31.3% |
| Vacancy Rate | 2.5% | 7.6% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Elk Grove has a homeownership rate of 71.7%, higher than the California average of 51.6%. Its housing vacancy rate is 2.5%, compared with 7.6% in California.
Housing Stock
| Metric | Elk Grove | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.19 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1997 | 1975 | 1978 |
| Median Number of Rooms | 6.4 | 5.0 | 5.5 |
The typical housing unit in Elk Grove was built around 1997. On average, 3.2 people live in a home with about 6.4 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Elk Grove, California.
What is the median home price in Elk Grove, California?
The median home price in Elk Grove, California is $462,992, lower than the California average of $642,203.
What is the average home price in Elk Grove, 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 Elk Grove, California?
The median gross rent in Elk Grove, California is $2,163 per month, higher than the California average of $1,955.
What was the median gross rent in Elk Grove in 2020?
In 2020, the median gross rent in Elk Grove, California was $1,733 per month.
What is the price-to-rent ratio in Elk Grove, California?
The price-to-rent ratio in Elk Grove, California is about 17.8, meaning it would take roughly 17.8 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Elk Grove.
Are home prices or rent rising faster in Elk Grove, California?
Both home prices and rent are rising in Elk Grove, up about 7.6% and 5.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Elk Grove, California?
71.7% of households in Elk Grove, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Elk Grove, California?
The housing vacancy rate in Elk Grove, California is 2.5%, lower than the California average of 7.6%.