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 | Irvine | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $897,141 | $642,203 | $242,182 |
| Price Trend (Annual %) | 3.3% | 10.0% | 8.2% |
| Median Gross Rent | $2,877 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.5% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Irvine is about 40% higher than in California. Rent is about 47% 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 Irvine, up about 3.3% and 5.5% a year respectively. Rent is changing faster.
Median rent in Irvine rose about 52.3% between 2015 and 2023, from $1,889 to $2,877. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 6.9 yearly household incomes in Irvine.
Buying the median-priced home in Irvine costs roughly 26.0 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 Irvine. The price-to-rent ratio in California is about 27.4.
| Metric | Irvine | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $897,141 | $642,203 | $242,182 |
| Median Household Income | $129,837 | $96,718 | $78,145 |
| Price-to-Income Ratio | 6.9 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Irvine rose about 14.6%, while median household income rose about 43.1% 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 | Irvine | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.0% | 51.6% | 58.2% |
| Rental Rate | 51.4% | 40.9% | 31.3% |
| Vacancy Rate | 6.6% | 7.6% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Irvine has a homeownership rate of 42.0%, lower than the California average of 51.6%. Its housing vacancy rate is 6.6%, compared with 7.6% in California.
Housing Stock
| Metric | Irvine | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.65 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1997 | 1975 | 1978 |
| Median Number of Rooms | 4.6 | 5.0 | 5.5 |
The typical housing unit in Irvine was built around 1997. On average, 2.6 people live in a home with about 4.6 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Irvine, California.
What is the median home price in Irvine, California?
The median home price in Irvine, California is $897,141, higher than the California average of $642,203.
What is the average home price in Irvine, 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 Irvine, California?
The median gross rent in Irvine, California is $2,877 per month, higher than the California average of $1,955.
What was the median gross rent in Irvine in 2020?
In 2020, the median gross rent in Irvine, California was $2,426 per month.
What is the price-to-rent ratio in Irvine, California?
The price-to-rent ratio in Irvine, California is about 26.0, meaning it would take roughly 26.0 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 Irvine.
Are home prices or rent rising faster in Irvine, California?
Both home prices and rent are rising in Irvine, up about 3.3% and 5.5% a year respectively. Rent is changing faster.
What is the homeownership rate in Irvine, California?
42.0% of households in Irvine, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Irvine, California?
The housing vacancy rate in Irvine, California is 6.6%, lower than the California average of 7.6%.