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 | Fresno | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $344,316 | $642,203 | $242,182 |
| Price Trend (Annual %) | 9.3% | 10.0% | 8.2% |
| Median Gross Rent | $1,321 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.7% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fresno is about 46% lower than in California. Rent is about 32% 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 Fresno, up about 9.3% and 5.7% a year respectively. Home prices are changing faster.
Median rent in Fresno rose about 48.4% between 2015 and 2023, from $890 to $1,321. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 5.2 yearly household incomes in Fresno.
Buying the median-priced home in Fresno costs roughly 21.7 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 Fresno. The price-to-rent ratio in California is about 27.4.
| Metric | Fresno | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $344,316 | $642,203 | $242,182 |
| Median Household Income | $65,682 | $96,718 | $78,145 |
| Price-to-Income Ratio | 5.2 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Fresno rose about 97.0%, while median household income rose about 52.1% 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 | Fresno | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 46.3% | 51.6% | 58.2% |
| Rental Rate | 49.1% | 40.9% | 31.3% |
| Vacancy Rate | 4.5% | 7.6% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Fresno has a homeownership rate of 46.3%, lower than the California average of 51.6%. Its housing vacancy rate is 4.5%, compared with 7.6% in California.
Housing Stock
| Metric | Fresno | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.95 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1978 | 1975 | 1978 |
| Median Number of Rooms | 4.9 | 5.0 | 5.5 |
The typical housing unit in Fresno was built around 1978. On average, 2.9 people live in a home with about 4.9 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Fresno, California.
What is the median home price in Fresno, California?
The median home price in Fresno, California is $344,316, lower than the California average of $642,203.
What is the average home price in Fresno, 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 Fresno, California?
The median gross rent in Fresno, California is $1,321 per month, lower than the California average of $1,955.
What was the median gross rent in Fresno in 2020?
In 2020, the median gross rent in Fresno, California was $1,037 per month.
What is the price-to-rent ratio in Fresno, California?
The price-to-rent ratio in Fresno, California is about 21.7, meaning it would take roughly 21.7 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 Fresno.
Are home prices or rent rising faster in Fresno, California?
Both home prices and rent are rising in Fresno, up about 9.3% and 5.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Fresno, California?
46.3% of households in Fresno, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Fresno, California?
The housing vacancy rate in Fresno, California is 4.5%, lower than the California average of 7.6%.