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 | Monrovia | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $777,144 | $642,203 | $242,182 |
| Price Trend (Annual %) | 12.9% | 10.0% | 8.2% |
| Median Gross Rent | $2,007 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.3% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monrovia is about 21% higher than in California. Rent is about 3% 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 Monrovia, up about 12.9% and 6.3% a year respectively. Home prices are changing faster.
Median rent in Monrovia rose about 54.6% between 2015 and 2023, from $1,298 to $2,007. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 7.9 yearly household incomes in Monrovia.
Buying the median-priced home in Monrovia costs roughly 32.3 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 Monrovia. The price-to-rent ratio in California is about 27.4.
| Metric | Monrovia | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $777,144 | $642,203 | $242,182 |
| Median Household Income | $98,116 | $96,718 | $78,145 |
| Price-to-Income Ratio | 7.9 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Monrovia rose about 86.0%, while median household income rose about 49.4% 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 | Monrovia | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 46.9% | 51.6% | 58.2% |
| Rental Rate | 48.0% | 40.9% | 31.3% |
| Vacancy Rate | 5.1% | 7.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Monrovia has a homeownership rate of 46.9%, lower than the California average of 51.6%. Its housing vacancy rate is 5.1%, compared with 7.6% in California.
Housing Stock
| Metric | Monrovia | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.69 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1963 | 1975 | 1978 |
| Median Number of Rooms | 4.9 | 5.0 | 5.5 |
The typical housing unit in Monrovia was built around 1963. On average, 2.7 people live in a home with about 4.9 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Monrovia, California.
What is the median home price in Monrovia, California?
The median home price in Monrovia, California is $777,144, higher than the California average of $642,203.
What is the average home price in Monrovia, 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 Monrovia, California?
The median gross rent in Monrovia, California is $2,007 per month, higher than the California average of $1,955.
What was the median gross rent in Monrovia in 2020?
In 2020, the median gross rent in Monrovia, California was $1,692 per month.
What is the price-to-rent ratio in Monrovia, California?
The price-to-rent ratio in Monrovia, California is about 32.3, meaning it would take roughly 32.3 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 Monrovia.
Are home prices or rent rising faster in Monrovia, California?
Both home prices and rent are rising in Monrovia, up about 12.9% and 6.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Monrovia, California?
46.9% of households in Monrovia, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Monrovia, California?
The housing vacancy rate in Monrovia, California is 5.1%, lower than the California average of 7.6%.