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 | Ontario | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $591,815 | $642,203 | $242,182 |
| Price Trend (Annual %) | 13.9% | 10.0% | 8.2% |
| Median Gross Rent | $1,915 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Ontario is about 8% lower than in California. Rent is about 2% 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 Ontario, up about 13.9% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Ontario rose about 52.5% between 2015 and 2023, from $1,255 to $1,915. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 7.0 yearly household incomes in Ontario.
Buying the median-priced home in Ontario costs roughly 25.8 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 Ontario. The price-to-rent ratio in California is about 27.4.
| Metric | Ontario | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $591,815 | $642,203 | $242,182 |
| Median Household Income | $84,236 | $96,718 | $78,145 |
| Price-to-Income Ratio | 7.0 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Ontario rose about 148.0%, while median household income rose about 44.9% 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 | Ontario | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.0% | 51.6% | 58.2% |
| Rental Rate | 40.9% | 40.9% | 31.3% |
| Vacancy Rate | 4.2% | 7.6% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Ontario has a homeownership rate of 55.0%, higher than the California average of 51.6%. Its housing vacancy rate is 4.2%, compared with 7.6% in California.
Housing Stock
| Metric | Ontario | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.37 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1979 | 1975 | 1978 |
| Median Number of Rooms | 5.1 | 5.0 | 5.5 |
The typical housing unit in Ontario was built around 1979. On average, 3.4 people live in a home with about 5.1 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Ontario, California.
What is the median home price in Ontario, California?
The median home price in Ontario, California is $591,815, lower than the California average of $642,203.
What is the average home price in Ontario, 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 Ontario, California?
The median gross rent in Ontario, California is $1,915 per month, lower than the California average of $1,955.
What was the median gross rent in Ontario in 2020?
In 2020, the median gross rent in Ontario, California was $1,557 per month.
What is the price-to-rent ratio in Ontario, California?
The price-to-rent ratio in Ontario, California is about 25.8, meaning it would take roughly 25.8 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 Ontario.
Are home prices or rent rising faster in Ontario, California?
Both home prices and rent are rising in Ontario, up about 13.9% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Ontario, California?
55.0% of households in Ontario, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Ontario, California?
The housing vacancy rate in Ontario, California is 4.2%, lower than the California average of 7.6%.