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 | Hanford | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $316,745 | $642,203 | $242,182 |
| Price Trend (Annual %) | 16.4% | 10.0% | 8.2% |
| Median Gross Rent | $1,217 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 3.9% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hanford is about 51% lower than in California. Rent is about 38% 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 Hanford, up about 16.4% and 3.9% a year respectively. Home prices are changing faster.
Median rent in Hanford rose about 30.0% between 2015 and 2023, from $936 to $1,217. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 4.3 yearly household incomes in Hanford.
Buying the median-priced home in Hanford 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 Hanford. The price-to-rent ratio in California is about 27.4.
| Metric | Hanford | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $316,745 | $642,203 | $242,182 |
| Median Household Income | $73,953 | $96,718 | $78,145 |
| Price-to-Income Ratio | 4.3 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hanford rose about 127.1%, while median household income rose about 43.9% 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 | Hanford | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.4% | 51.6% | 58.2% |
| Rental Rate | 36.0% | 40.9% | 31.3% |
| Vacancy Rate | 4.6% | 7.6% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Hanford has a homeownership rate of 59.4%, higher than the California average of 51.6%. Its housing vacancy rate is 4.6%, compared with 7.6% in California.
Housing Stock
| Metric | Hanford | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.07 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1986 | 1975 | 1978 |
| Median Number of Rooms | 5.4 | 5.0 | 5.5 |
The typical housing unit in Hanford was built around 1986. On average, 3.1 people live in a home with about 5.4 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hanford, California.
What is the median home price in Hanford, California?
The median home price in Hanford, California is $316,745, lower than the California average of $642,203.
What is the average home price in Hanford, 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 Hanford, California?
The median gross rent in Hanford, California is $1,217 per month, lower than the California average of $1,955.
What was the median gross rent in Hanford in 2020?
In 2020, the median gross rent in Hanford, California was $1,031 per month.
What is the price-to-rent ratio in Hanford, California?
The price-to-rent ratio in Hanford, 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 Hanford.
Are home prices or rent rising faster in Hanford, California?
Both home prices and rent are rising in Hanford, up about 16.4% and 3.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hanford, California?
59.4% of households in Hanford, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Hanford, California?
The housing vacancy rate in Hanford, California is 4.6%, lower than the California average of 7.6%.