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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Mono County | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $750,008 | $642,203 | $242,182 |
| Price Trend (Annual %) | 29.6% | 10.0% | 8.2% |
| Median Gross Rent | $1,593 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.7% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Mono County is about 17% higher than in California. Rent is about 18% 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 Mono County, up about 29.6% and 5.7% a year respectively. Home prices are changing faster.
Median rent in Mono County rose about 49.2% between 2015 and 2023, from $1,068 to $1,593. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 8.4 yearly household incomes in Mono County.
Buying the median-priced home in Mono County costs roughly 39.2 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 Mono County. The price-to-rent ratio in California is about 27.4.
| Metric | Mono County | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $750,008 | $642,203 | $242,182 |
| Median Household Income | $89,025 | $96,718 | $78,145 |
| Price-to-Income Ratio | 8.4 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Mono County rose about 276.2%, while median household income rose about 70.1% 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 | Mono County | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 28.0% | 51.6% | 58.2% |
| Rental Rate | 12.5% | 40.9% | 31.3% |
| Vacancy Rate | 59.5% | 7.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Mono County has a homeownership rate of 28.0%, lower than the California average of 51.6%. Its housing vacancy rate is 59.5%, compared with 7.6% in California.
Housing Stock
| Metric | Mono County | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.30 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1982 | 1975 | 1978 |
| Median Number of Rooms | 4.6 | 5.0 | 5.5 |
The typical housing unit in Mono County was built around 1982. On average, 2.3 people live in a home with about 4.6 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Mono County, California.
What is the median home price in Mono County, California?
The median home price in Mono County, California is $750,008, higher than the California average of $642,203.
What is the average home price in Mono County, 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 Mono County, California?
The median gross rent in Mono County, California is $1,593 per month, lower than the California average of $1,955.
What was the median gross rent in Mono County in 2020?
In 2020, the median gross rent in Mono County, California was $1,247 per month.
What is the price-to-rent ratio in Mono County, California?
The price-to-rent ratio in Mono County, California is about 39.2, meaning it would take roughly 39.2 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 Mono County.
Are home prices or rent rising faster in Mono County, California?
Both home prices and rent are rising in Mono County, up about 29.6% and 5.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Mono County, California?
28.0% of households in Mono County, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Mono County, California?
The housing vacancy rate in Mono County, California is 59.5%, higher than the California average of 7.6%.