Monterey, California Housing Market Prices
Monterey 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 91% above the California median$1,245,967
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Median rent 16% above the California median$2,360
Housing Market Overview
| Metric | Monterey | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,245,967 | $650,794 | $248,835 |
| Price Trend (Annual %) | 12.1% | 8.9% | 7.5% |
| Median Gross Rent | $2,360 | $2,036 | $1,407 |
| Rent Trend (Annual %) | 5.3% | 5.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monterey is about 91% higher than in California. Rent is about 16% 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 Monterey, up about 12.1% and 5.3% a year respectively. Home prices are changing faster.
Median rent in Monterey rose about 59.6% between 2015 and 2024, from $1,479 to $2,360. Over the same span, rent in California rose about 62.2%.
Affordability
On average, housing unit costs 12.2 yearly household incomes in Monterey.
Buying the median-priced home in Monterey costs roughly 44.0 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 Monterey. The price-to-rent ratio in California is about 26.6.
| Metric | Monterey | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,245,967 | $650,794 | $248,835 |
| Median Household Income | $102,069 | $99,161 | $80,455 |
| Price-to-Income Ratio | 12.2 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Monterey rose about 254.8%, while median household income rose about 55.1% 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 | Monterey | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 30.9% | 51.7% | 58.5% |
| Rental Rate | 57.4% | 40.8% | 31.2% |
| Vacancy Rate | 11.6% | 7.5% | 10.2% |
| Median Tenure (years) | 10.0 | 15.0 | 15.0 |
| Median Year Moved In | 2016 | 2011 | 2011 |
Monterey has a homeownership rate of 30.9%, lower than the California average of 51.7%. Its housing vacancy rate is 11.6%, compared with 7.5% in California.
Housing Stock
| Metric | Monterey | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.07 people | 2.84 people | 2.53 people |
| Median Structure Built Year | 1968 | 1975 | 1978 |
| Median Number of Rooms | 4.4 | 5.0 | 5.5 |
The typical housing unit in Monterey was built around 1968. On average, 2.1 people live in a home with about 4.4 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Monterey, California.
What is the median home price in Monterey, California?
The median home price in Monterey, California is $1,245,967, higher than the California average of $650,794.
What is the average home price in Monterey, California?
The typical home price in Monterey, California, reported as the median sale price, is $1,245,967. 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 Monterey, California?
The median gross rent in Monterey, California is $2,360 per month, higher than the California average of $2,036.
What was the median gross rent in Monterey in 2020?
In 2020, the median gross rent in Monterey, California was $1,862 per month.
What is the price-to-rent ratio in Monterey, California?
The price-to-rent ratio in Monterey, California is about 44.0, meaning it would take roughly 44.0 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 Monterey.
Are home prices or rent rising faster in Monterey, California?
Both home prices and rent are rising in Monterey, up about 12.1% and 5.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Monterey, California?
30.9% of households in Monterey, California own their home, lower than the California average of 51.7%.
What is the vacancy rate in Monterey, California?
The housing vacancy rate in Monterey, California is 11.6%, higher than the California average of 7.5%.
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