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 | La Verne | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,249,260 | $642,203 | $242,182 |
| Price Trend (Annual %) | 11.0% | 10.0% | 8.2% |
| Median Gross Rent | $2,209 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.6% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in La Verne is about 95% higher than in California. Rent is about 13% 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 La Verne, up about 11.0% and 6.6% a year respectively. Home prices are changing faster.
Median rent in La Verne rose about 58.5% between 2015 and 2023, from $1,394 to $2,209. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 12.0 yearly household incomes in La Verne.
Buying the median-priced home in La Verne costs roughly 47.1 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 La Verne. The price-to-rent ratio in California is about 27.4.
| Metric | La Verne | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,249,260 | $642,203 | $242,182 |
| Median Household Income | $104,091 | $96,718 | $78,145 |
| Price-to-Income Ratio | 12.0 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in La Verne rose about 53.8%, while median household income rose about 43.2% 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 | La Verne | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.6% | 51.6% | 58.2% |
| Rental Rate | 32.0% | 40.9% | 31.3% |
| Vacancy Rate | 4.4% | 7.6% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
La Verne has a homeownership rate of 63.6%, higher than the California average of 51.6%. Its housing vacancy rate is 4.4%, compared with 7.6% in California.
Housing Stock
| Metric | La Verne | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.60 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1974 | 1975 | 1978 |
| Median Number of Rooms | 5.8 | 5.0 | 5.5 |
The typical housing unit in La Verne was built around 1974. On average, 2.6 people live in a home with about 5.8 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in La Verne, California.
What is the median home price in La Verne, California?
The median home price in La Verne, California is $1,249,260, higher than the California average of $642,203.
What is the average home price in La Verne, 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 La Verne, California?
The median gross rent in La Verne, California is $2,209 per month, higher than the California average of $1,955.
What was the median gross rent in La Verne in 2020?
In 2020, the median gross rent in La Verne, California was $1,653 per month.
What is the price-to-rent ratio in La Verne, California?
The price-to-rent ratio in La Verne, California is about 47.1, meaning it would take roughly 47.1 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 La Verne.
Are home prices or rent rising faster in La Verne, California?
Both home prices and rent are rising in La Verne, up about 11.0% and 6.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in La Verne, California?
63.6% of households in La Verne, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in La Verne, California?
The housing vacancy rate in La Verne, California is 4.4%, lower than the California average of 7.6%.