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 | Monterey County | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $670,993 | $642,203 | $242,182 |
| Price Trend (Annual %) | 3.7% | 10.0% | 8.2% |
| Median Gross Rent | $1,994 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.6% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monterey County is about 4% higher than in California. Rent is about 2% 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 Monterey County, up about 3.7% and 6.6% a year respectively. Rent is changing faster.
Median rent in Monterey County rose about 61.5% between 2015 and 2023, from $1,235 to $1,994. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 7.1 yearly household incomes in Monterey County.
Buying the median-priced home in Monterey County costs roughly 28.0 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 County. The price-to-rent ratio in California is about 27.4.
| Metric | Monterey County | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $670,993 | $642,203 | $242,182 |
| Median Household Income | $94,731 | $96,718 | $78,145 |
| Price-to-Income Ratio | 7.1 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Monterey County rose about 43.8%, while median household income rose about 59.1% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Monterey County | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 47.7% | 51.6% | 58.2% |
| Rental Rate | 43.6% | 40.9% | 31.3% |
| Vacancy Rate | 8.7% | 7.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Monterey County has a homeownership rate of 47.7%, lower than the California average of 51.6%. Its housing vacancy rate is 8.7%, compared with 7.6% in California.
Housing Stock
| Metric | Monterey County | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.15 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1975 | 1975 | 1978 |
| Median Number of Rooms | 5.1 | 5.0 | 5.5 |
The typical housing unit in Monterey County was built around 1975. On average, 3.2 people live in a home with about 5.1 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Monterey County, California.
What is the median home price in Monterey County, California?
The median home price in Monterey County, California is $670,993, higher than the California average of $642,203.
What is the average home price in Monterey 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 Monterey County, California?
The median gross rent in Monterey County, California is $1,994 per month, higher than the California average of $1,955.
What was the median gross rent in Monterey County in 2020?
In 2020, the median gross rent in Monterey County, California was $1,599 per month.
What is the price-to-rent ratio in Monterey County, California?
The price-to-rent ratio in Monterey County, California is about 28.0, meaning it would take roughly 28.0 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 County.
Are home prices or rent rising faster in Monterey County, California?
Both home prices and rent are rising in Monterey County, up about 3.7% and 6.6% a year respectively. Rent is changing faster.
What is the homeownership rate in Monterey County, California?
47.7% of households in Monterey County, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Monterey County, California?
The housing vacancy rate in Monterey County, California is 8.7%, higher than the California average of 7.6%.