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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Lake County | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $356,300 | $642,203 | $242,182 |
| Price Trend (Annual %) | 13.7% | 10.0% | 8.2% |
| Median Gross Rent | $1,292 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.7% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lake County is about 45% lower than in California. Rent is about 34% 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 Lake County, up about 13.7% and 5.7% a year respectively. Home prices are changing faster.
Median rent in Lake County rose about 45.3% between 2015 and 2023, from $890 to $1,292. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 6.1 yearly household incomes in Lake County.
Buying the median-priced home in Lake County costs roughly 23.0 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 Lake County. The price-to-rent ratio in California is about 27.4.
| Metric | Lake County | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $356,300 | $642,203 | $242,182 |
| Median Household Income | $58,641 | $96,718 | $78,145 |
| Price-to-Income Ratio | 6.1 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lake County rose about 201.4%, while median household income rose about 42.2% 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 | Lake County | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.6% | 51.6% | 58.2% |
| Rental Rate | 22.4% | 40.9% | 31.3% |
| Vacancy Rate | 23.1% | 7.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Lake County has a homeownership rate of 54.6%, higher than the California average of 51.6%. Its housing vacancy rate is 23.1%, compared with 7.6% in California.
Housing Stock
| Metric | Lake County | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.54 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1980 | 1975 | 1978 |
| Median Number of Rooms | 5.1 | 5.0 | 5.5 |
The typical housing unit in Lake County was built around 1980. On average, 2.5 people live in a home with about 5.1 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lake County, California.
What is the median home price in Lake County, California?
The median home price in Lake County, California is $356,300, lower than the California average of $642,203.
What is the average home price in Lake County, 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 Lake County, California?
The median gross rent in Lake County, California is $1,292 per month, lower than the California average of $1,955.
What was the median gross rent in Lake County in 2020?
In 2020, the median gross rent in Lake County, California was $1,028 per month.
What is the price-to-rent ratio in Lake County, California?
The price-to-rent ratio in Lake County, California is about 23.0, meaning it would take roughly 23.0 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 Lake County.
Are home prices or rent rising faster in Lake County, California?
Both home prices and rent are rising in Lake County, up about 13.7% and 5.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lake County, California?
54.6% of households in Lake County, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Lake County, California?
The housing vacancy rate in Lake County, California is 23.1%, higher than the California average of 7.6%.