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 | Lake Elsinore | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $482,830 | $642,203 | $242,182 |
| Price Trend (Annual %) | 12.5% | 10.0% | 8.2% |
| Median Gross Rent | $1,829 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.2% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lake Elsinore is about 25% lower than in California. Rent is about 6% 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 Elsinore, up about 12.5% and 6.2% a year respectively. Home prices are changing faster.
Median rent in Lake Elsinore rose about 54.9% between 2015 and 2023, from $1,180 to $1,829. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 5.2 yearly household incomes in Lake Elsinore.
Buying the median-priced home in Lake Elsinore costs roughly 22.0 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 Elsinore. The price-to-rent ratio in California is about 27.4.
| Metric | Lake Elsinore | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $482,830 | $642,203 | $242,182 |
| Median Household Income | $93,098 | $96,718 | $78,145 |
| Price-to-Income Ratio | 5.2 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lake Elsinore rose about 164.8%, while median household income rose about 62.6% 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 Elsinore | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.9% | 51.6% | 58.2% |
| Rental Rate | 29.9% | 40.9% | 31.3% |
| Vacancy Rate | 6.1% | 7.6% | 10.6% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Lake Elsinore has a homeownership rate of 63.9%, higher than the California average of 51.6%. Its housing vacancy rate is 6.1%, compared with 7.6% in California.
Housing Stock
| Metric | Lake Elsinore | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.50 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1998 | 1975 | 1978 |
| Median Number of Rooms | 5.6 | 5.0 | 5.5 |
The typical housing unit in Lake Elsinore was built around 1998. On average, 3.5 people live in a home with about 5.6 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lake Elsinore, California.
What is the median home price in Lake Elsinore, California?
The median home price in Lake Elsinore, California is $482,830, lower than the California average of $642,203.
What is the average home price in Lake Elsinore, 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 Elsinore, California?
The median gross rent in Lake Elsinore, California is $1,829 per month, lower than the California average of $1,955.
What was the median gross rent in Lake Elsinore in 2020?
In 2020, the median gross rent in Lake Elsinore, California was $1,429 per month.
What is the price-to-rent ratio in Lake Elsinore, California?
The price-to-rent ratio in Lake Elsinore, California is about 22.0, meaning it would take roughly 22.0 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 Elsinore.
Are home prices or rent rising faster in Lake Elsinore, California?
Both home prices and rent are rising in Lake Elsinore, up about 12.5% and 6.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lake Elsinore, California?
63.9% of households in Lake Elsinore, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Lake Elsinore, California?
The housing vacancy rate in Lake Elsinore, California is 6.1%, lower than the California average of 7.6%.