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 | Menlo Park | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $642,203 | $242,182 |
| Price Trend (Annual %) | 7.8% | 10.0% | 8.2% |
| Median Gross Rent | $3,014 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 7.5% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Menlo Park is about 211% higher than in California. Rent is about 54% 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 Menlo Park, up about 7.8% and 7.5% a year respectively. Home prices are changing faster.
Median rent in Menlo Park rose about 72.1% between 2015 and 2023, from $1,751 to $3,014. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 10.1 yearly household incomes in Menlo Park.
Buying the median-priced home in Menlo Park costs roughly 55.3 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 Menlo Park. The price-to-rent ratio in California is about 27.4.
| Metric | Menlo Park | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $642,203 | $242,182 |
| Median Household Income | $198,773 | $96,718 | $78,145 |
| Price-to-Income Ratio | 10.1 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Menlo Park rose about 12.6%, while median household income rose about 111.7% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Menlo Park | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 47.2% | 51.6% | 58.2% |
| Rental Rate | 41.7% | 40.9% | 31.3% |
| Vacancy Rate | 11.2% | 7.6% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Menlo Park has a homeownership rate of 47.2%, lower than the California average of 51.6%. Its housing vacancy rate is 11.2%, compared with 7.6% in California.
Housing Stock
| Metric | Menlo Park | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.84 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1962 | 1975 | 1978 |
| Median Number of Rooms | 5.0 | 5.0 | 5.5 |
The typical housing unit in Menlo Park was built around 1962. On average, 2.8 people live in a home with about 5.0 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Menlo Park, California.
What is the median home price in Menlo Park, California?
The median home price in Menlo Park, California is $2,000,000, higher than the California average of $642,203.
What is the average home price in Menlo Park, 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 Menlo Park, California?
The median gross rent in Menlo Park, California is $3,014 per month, higher than the California average of $1,955.
What was the median gross rent in Menlo Park in 2020?
In 2020, the median gross rent in Menlo Park, California was $2,404 per month.
What is the price-to-rent ratio in Menlo Park, California?
The price-to-rent ratio in Menlo Park, California is about 55.3, meaning it would take roughly 55.3 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 Menlo Park.
Are home prices or rent rising faster in Menlo Park, California?
Both home prices and rent are rising in Menlo Park, up about 7.8% and 7.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Menlo Park, California?
47.2% of households in Menlo Park, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Menlo Park, California?
The housing vacancy rate in Menlo Park, California is 11.2%, higher than the California average of 7.6%.