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 | Orcutt | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $326,246 | $642,203 | $242,182 |
| Price Trend (Annual %) | 2.9% | 10.0% | 8.2% |
| Median Gross Rent | $2,062 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Orcutt is about 49% lower than in California. Rent is about 6% 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 Orcutt, up about 2.9% and 4.1% a year respectively. Rent is changing faster.
Median rent in Orcutt rose about 31.4% between 2015 and 2023, from $1,569 to $2,062. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 3.2 yearly household incomes in Orcutt.
Buying the median-priced home in Orcutt costs roughly 13.2 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Orcutt. The price-to-rent ratio in California is about 27.4.
| Metric | Orcutt | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $326,246 | $642,203 | $242,182 |
| Median Household Income | $102,706 | $96,718 | $78,145 |
| Price-to-Income Ratio | 3.2 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Orcutt rose about 16.9%, while median household income rose about 52.3% 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 | Orcutt | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 75.1% | 51.6% | 58.2% |
| Rental Rate | 21.6% | 40.9% | 31.3% |
| Vacancy Rate | 3.2% | 7.6% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 | 2011 |
Orcutt has a homeownership rate of 75.1%, higher than the California average of 51.6%. Its housing vacancy rate is 3.2%, compared with 7.6% in California.
Housing Stock
| Metric | Orcutt | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.80 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1977 | 1975 | 1978 |
| Median Number of Rooms | 5.9 | 5.0 | 5.5 |
The typical housing unit in Orcutt was built around 1977. On average, 2.8 people live in a home with about 5.9 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Orcutt, California.
What is the median home price in Orcutt, California?
The median home price in Orcutt, California is $326,246, lower than the California average of $642,203.
What is the average home price in Orcutt, 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 Orcutt, California?
The median gross rent in Orcutt, California is $2,062 per month, higher than the California average of $1,955.
What was the median gross rent in Orcutt in 2020?
In 2020, the median gross rent in Orcutt, California was $1,733 per month.
What is the price-to-rent ratio in Orcutt, California?
The price-to-rent ratio in Orcutt, California is about 13.2, meaning it would take roughly 13.2 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Orcutt.
Are home prices or rent rising faster in Orcutt, California?
Both home prices and rent are rising in Orcutt, up about 2.9% and 4.1% a year respectively. Rent is changing faster.
What is the homeownership rate in Orcutt, California?
75.1% of households in Orcutt, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Orcutt, California?
The housing vacancy rate in Orcutt, California is 3.2%, lower than the California average of 7.6%.