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 | Lemoore | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $247,749 | $642,203 | $242,182 |
| Price Trend (Annual %) | 17.4% | 10.0% | 8.2% |
| Median Gross Rent | $1,340 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.7% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lemoore is about 61% lower than in California. Rent is about 31% 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 Lemoore, up about 17.4% and 6.7% a year respectively. Home prices are changing faster.
Median rent in Lemoore rose about 58.8% between 2015 and 2023, from $844 to $1,340. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 3.1 yearly household incomes in Lemoore.
Buying the median-priced home in Lemoore costs roughly 15.4 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Lemoore. The price-to-rent ratio in California is about 27.4.
| Metric | Lemoore | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $247,749 | $642,203 | $242,182 |
| Median Household Income | $79,452 | $96,718 | $78,145 |
| Price-to-Income Ratio | 3.1 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lemoore rose about 216.2%, while median household income rose about 46.5% 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 | Lemoore | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.6% | 51.6% | 58.2% |
| Rental Rate | 45.6% | 40.9% | 31.3% |
| Vacancy Rate | 5.8% | 7.6% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Lemoore has a homeownership rate of 48.6%, lower than the California average of 51.6%. Its housing vacancy rate is 5.8%, compared with 7.6% in California.
Housing Stock
| Metric | Lemoore | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.98 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1987 | 1975 | 1978 |
| Median Number of Rooms | 5.1 | 5.0 | 5.5 |
The typical housing unit in Lemoore was built around 1987. On average, 3.0 people live in a home with about 5.1 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lemoore, California.
What is the median home price in Lemoore, California?
The median home price in Lemoore, California is $247,749, lower than the California average of $642,203.
What is the average home price in Lemoore, 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 Lemoore, California?
The median gross rent in Lemoore, California is $1,340 per month, lower than the California average of $1,955.
What was the median gross rent in Lemoore in 2020?
In 2020, the median gross rent in Lemoore, California was $1,061 per month.
What is the price-to-rent ratio in Lemoore, California?
The price-to-rent ratio in Lemoore, California is about 15.4, meaning it would take roughly 15.4 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Lemoore.
Are home prices or rent rising faster in Lemoore, California?
Both home prices and rent are rising in Lemoore, up about 17.4% and 6.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lemoore, California?
48.6% of households in Lemoore, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Lemoore, California?
The housing vacancy rate in Lemoore, California is 5.8%, lower than the California average of 7.6%.