Milpitas, California Housing Market Prices
Milpitas 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 54% above the California median$1,003,615
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Median rent 55% above the California median$3,163
Housing Market Overview
| Metric | Milpitas | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,003,615 | $650,794 | $248,835 |
| Price Trend (Annual %) | 8.8% | 8.9% | 7.5% |
| Median Gross Rent | $3,163 | $2,036 | $1,407 |
| Rent Trend (Annual %) | 5.7% | 5.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Milpitas is about 54% higher than in California. Rent is about 55% 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 Milpitas, up about 8.8% and 5.7% a year respectively. Home prices are changing faster.
Median rent in Milpitas rose about 67.0% between 2015 and 2024, from $1,894 to $3,163. Over the same span, rent in California rose about 62.2%.
Affordability
On average, housing unit costs 5.5 yearly household incomes in Milpitas.
Buying the median-priced home in Milpitas costs roughly 26.4 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 Milpitas. The price-to-rent ratio in California is about 26.6.
| Metric | Milpitas | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,003,615 | $650,794 | $248,835 |
| Median Household Income | $181,422 | $99,161 | $80,455 |
| Price-to-Income Ratio | 5.5 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Milpitas rose about 93.9%, while median household income rose about 86.7% 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 | Milpitas | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.5% | 51.7% | 58.5% |
| Rental Rate | 41.8% | 40.8% | 31.2% |
| Vacancy Rate | 3.7% | 7.5% | 10.2% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Milpitas has a homeownership rate of 54.5%, higher than the California average of 51.7%. Its housing vacancy rate is 3.7%, compared with 7.5% in California.
Housing Stock
| Metric | Milpitas | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.01 people | 2.84 people | 2.53 people |
| Median Structure Built Year | 1988 | 1975 | 1978 |
| Median Number of Rooms | 4.8 | 5.0 | 5.5 |
The typical housing unit in Milpitas was built around 1988. On average, 3.0 people live in a home with about 4.8 rooms, staying for about 13.0 years on average.
Milpitas, CA Housing Compared With Nearby Cities
How Milpitas, CA compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Milpitas, CA | 77,242 | $1,003,615 #2/2 | $3,163 #1/2 | 56.6% #1/2 |
| Santa Clara, CA | 127,362 | $1,005,517 | $3,033 | 41.4% |
Frequently Asked Questions
Common questions about the housing market in Milpitas, California.
What is the median home price in Milpitas, California?
The median home price in Milpitas, California is $1,003,615, higher than the California average of $650,794.
What is the average home price in Milpitas, California?
The typical home price in Milpitas, California, reported as the median sale price, is $1,003,615. 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 Milpitas, California?
The median gross rent in Milpitas, California is $3,163 per month, higher than the California average of $2,036.
What was the median gross rent in Milpitas in 2020?
In 2020, the median gross rent in Milpitas, California was $2,678 per month.
What is the price-to-rent ratio in Milpitas, California?
The price-to-rent ratio in Milpitas, California is about 26.4, meaning it would take roughly 26.4 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 Milpitas.
Are home prices or rent rising faster in Milpitas, California?
Both home prices and rent are rising in Milpitas, up about 8.8% and 5.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Milpitas, California?
54.5% of households in Milpitas, California own their home, higher than the California average of 51.7%.
What is the vacancy rate in Milpitas, California?
The housing vacancy rate in Milpitas, California is 3.7%, lower than the California average of 7.5%.
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