Menifee, California Housing Market Prices
Menifee Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 20% below the California median$523,290
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Median rent 4% above the California median$2,125
Housing Market Overview
| Metric | Menifee | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $523,290 | $650,794 | $248,835 |
| Price Trend (Annual %) | 9.2% | 8.9% | 7.5% |
| Median Gross Rent | $2,125 | $2,036 | $1,407 |
| Rent Trend (Annual %) | 5.7% | 5.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Menifee is about 20% lower than in California. Rent is about 4% higher than the California average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Menifee, up about 9.2% and 5.7% a year respectively. Home prices are changing faster.
Median rent in Menifee rose about 57.4% between 2015 and 2024, from $1,350 to $2,125. Over the same span, rent in California rose about 62.2%.
Affordability
On average, housing unit costs 5.4 yearly household incomes in Menifee.
Buying the median-priced home in Menifee costs roughly 20.5 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 Menifee. The price-to-rent ratio in California is about 26.6.
| Metric | Menifee | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $523,290 | $650,794 | $248,835 |
| Median Household Income | $96,418 | $99,161 | $80,455 |
| Price-to-Income Ratio | 5.4 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Menifee rose about 125.8%, while median household income rose about 75.8% between 2009 and 2025 — 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 | Menifee | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 76.5% | 51.7% | 58.5% |
| Rental Rate | 18.4% | 40.8% | 31.2% |
| Vacancy Rate | 5.1% | 7.5% | 10.2% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Menifee has a homeownership rate of 76.5%, higher than the California average of 51.7%. Its housing vacancy rate is 5.1%, compared with 7.5% in California.
Housing Stock
| Metric | Menifee | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.02 people | 2.84 people | 2.53 people |
| Median Structure Built Year | 1998 | 1975 | 1978 |
| Median Number of Rooms | 5.9 | 5.0 | 5.5 |
The typical housing unit in Menifee was built around 1998. On average, 3.0 people live in a home with about 5.9 rooms, staying for about 11.0 years on average.
Menifee, CA Housing Compared With Nearby Cities
How Menifee, CA compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Menifee, CA | 108,405 | $523,290 #1/2 | $2,125 #1/2 | 80.6% #1/2 |
| Wildomar, CA | 42,987 | $492,324 | $2,036 | 79.8% |
Frequently Asked Questions
Common questions about the housing market in Menifee, California.
What is the median home price in Menifee, California?
The median home price in Menifee, California is $523,290, lower than the California average of $650,794.
What is the average home price in Menifee, California?
The typical home price in Menifee, California, reported as the median sale price, is $523,290. 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 Menifee, California?
The median gross rent in Menifee, California is $2,125 per month, higher than the California average of $2,036.
What was the median gross rent in Menifee in 2020?
In 2020, the median gross rent in Menifee, California was $1,683 per month.
What is the price-to-rent ratio in Menifee, California?
The price-to-rent ratio in Menifee, California is about 20.5, meaning it would take roughly 20.5 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 Menifee.
Are home prices or rent rising faster in Menifee, California?
Both home prices and rent are rising in Menifee, up about 9.2% and 5.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Menifee, California?
76.5% of households in Menifee, California own their home, higher than the California average of 51.7%.
What is the vacancy rate in Menifee, California?
The housing vacancy rate in Menifee, California is 5.1%, lower than the California average of 7.5%.
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