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 | Mission Viejo | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,254,735 | $642,203 | $242,182 |
| Price Trend (Annual %) | 13.2% | 10.0% | 8.2% |
| Median Gross Rent | $2,700 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mission Viejo is about 95% higher than in California. Rent is about 38% 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 Mission Viejo, up about 13.2% and 4.7% a year respectively. Home prices are changing faster.
Median rent in Mission Viejo rose about 42.2% between 2015 and 2023, from $1,898 to $2,700. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 9.1 yearly household incomes in Mission Viejo.
Buying the median-priced home in Mission Viejo costs roughly 38.7 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 Mission Viejo. The price-to-rent ratio in California is about 27.4.
| Metric | Mission Viejo | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,254,735 | $642,203 | $242,182 |
| Median Household Income | $137,139 | $96,718 | $78,145 |
| Price-to-Income Ratio | 9.1 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Mission Viejo rose about 122.1%, while median household income rose about 45.8% 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 | Mission Viejo | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 74.4% | 51.6% | 58.2% |
| Rental Rate | 21.7% | 40.9% | 31.3% |
| Vacancy Rate | 3.9% | 7.6% | 10.6% |
| Median Tenure (years) | 18.0 | 15.0 | 15.0 |
| Median Year Moved In | 2008 | 2011 | 2011 |
Mission Viejo has a homeownership rate of 74.4%, higher than the California average of 51.6%. Its housing vacancy rate is 3.9%, compared with 7.6% in California.
Housing Stock
| Metric | Mission Viejo | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.64 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1982 | 1975 | 1978 |
| Median Number of Rooms | 6.1 | 5.0 | 5.5 |
The typical housing unit in Mission Viejo was built around 1982. On average, 2.6 people live in a home with about 6.1 rooms, staying for about 18.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mission Viejo, California.
What is the median home price in Mission Viejo, California?
The median home price in Mission Viejo, California is $1,254,735, higher than the California average of $642,203.
What is the average home price in Mission Viejo, 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 Mission Viejo, California?
The median gross rent in Mission Viejo, California is $2,700 per month, higher than the California average of $1,955.
What was the median gross rent in Mission Viejo in 2020?
In 2020, the median gross rent in Mission Viejo, California was $2,298 per month.
What is the price-to-rent ratio in Mission Viejo, California?
The price-to-rent ratio in Mission Viejo, California is about 38.7, meaning it would take roughly 38.7 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 Mission Viejo.
Are home prices or rent rising faster in Mission Viejo, California?
Both home prices and rent are rising in Mission Viejo, up about 13.2% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mission Viejo, California?
74.4% of households in Mission Viejo, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Mission Viejo, California?
The housing vacancy rate in Mission Viejo, California is 3.9%, lower than the California average of 7.6%.