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 | Goleta | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $299,172 | $642,203 | $242,182 |
| Price Trend (Annual %) | 0.6% | 10.0% | 8.2% |
| Median Gross Rent | $2,341 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Goleta is about 53% lower than in California. Rent is about 20% 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 Goleta, up about 0.6% and 5.2% a year respectively. Rent is changing faster.
Median rent in Goleta rose about 50.3% between 2015 and 2023, from $1,558 to $2,341. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Goleta.
Buying the median-priced home in Goleta costs roughly 10.6 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Goleta. The price-to-rent ratio in California is about 27.4.
| Metric | Goleta | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $299,172 | $642,203 | $242,182 |
| Median Household Income | $118,481 | $96,718 | $78,145 |
| Price-to-Income Ratio | 2.5 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Goleta fell about 33.5%, while median household income rose about 72.8% 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 | Goleta | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 49.9% | 51.6% | 58.2% |
| Rental Rate | 44.9% | 40.9% | 31.3% |
| Vacancy Rate | 5.2% | 7.6% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Goleta has a homeownership rate of 49.9%, lower than the California average of 51.6%. Its housing vacancy rate is 5.2%, compared with 7.6% in California.
Housing Stock
| Metric | Goleta | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.69 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1977 | 1975 | 1978 |
| Median Number of Rooms | 4.7 | 5.0 | 5.5 |
The typical housing unit in Goleta was built around 1977. On average, 2.7 people live in a home with about 4.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Goleta, California.
What is the median home price in Goleta, California?
The median home price in Goleta, California is $299,172, lower than the California average of $642,203.
What is the average home price in Goleta, 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 Goleta, California?
The median gross rent in Goleta, California is $2,341 per month, higher than the California average of $1,955.
What was the median gross rent in Goleta in 2020?
In 2020, the median gross rent in Goleta, California was $1,924 per month.
What is the price-to-rent ratio in Goleta, California?
The price-to-rent ratio in Goleta, California is about 10.6, meaning it would take roughly 10.6 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Goleta.
Are home prices or rent rising faster in Goleta, California?
Both home prices and rent are rising in Goleta, up about 0.6% and 5.2% a year respectively. Rent is changing faster.
What is the homeownership rate in Goleta, California?
49.9% of households in Goleta, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Goleta, California?
The housing vacancy rate in Goleta, California is 5.2%, lower than the California average of 7.6%.