Palm Springs, California Housing Market Prices
Palm Springs 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.
-
Median home price 34% below the California median$430,026
-
Median rent 23% below the California median$1,569
Housing Market Overview
| Metric | Palm Springs | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $430,026 | $650,794 | $248,835 |
| Price Trend (Annual %) | 8.2% | 8.9% | 7.5% |
| Median Gross Rent | $1,569 | $2,036 | $1,407 |
| Rent Trend (Annual %) | 6.2% | 5.8% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Palm Springs is about 34% lower than in California. Rent is about 23% lower 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 Palm Springs, up about 8.2% and 6.2% a year respectively. Home prices are changing faster.
Median rent in Palm Springs rose about 65.7% between 2015 and 2024, from $947 to $1,569. Over the same span, rent in California rose about 62.2%.
Affordability
On average, housing unit costs 6.0 yearly household incomes in Palm Springs.
Buying the median-priced home in Palm Springs costs roughly 22.8 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 Palm Springs. The price-to-rent ratio in California is about 26.6.
| Metric | Palm Springs | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $430,026 | $650,794 | $248,835 |
| Median Household Income | $72,060 | $99,161 | $80,455 |
| Price-to-Income Ratio | 6.0 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Palm Springs rose about 75.9%, while median household income rose about 56.4% 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 | Palm Springs | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 45.1% | 51.7% | 58.5% |
| Rental Rate | 23.0% | 40.8% | 31.2% |
| Vacancy Rate | 31.9% | 7.5% | 10.2% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Palm Springs has a homeownership rate of 45.1%, lower than the California average of 51.7%. Its housing vacancy rate is 31.9%, compared with 7.5% in California.
Housing Stock
| Metric | Palm Springs | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 1.88 people | 2.84 people | 2.53 people |
| Median Structure Built Year | 1979 | 1975 | 1978 |
| Median Number of Rooms | 4.4 | 5.0 | 5.5 |
The typical housing unit in Palm Springs was built around 1979. On average, 1.9 people live in a home with about 4.4 rooms, staying for about 11.0 years on average.
Palm Springs, CA Housing Compared With Nearby Cities
How Palm Springs, CA compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Palm Springs, CA | 49,341 | $430,026 #1/2 | $1,569 #2/2 | 66.2% #2/2 |
| Cathedral City, CA | 45,926 | $343,501 | $1,570 | 67.1% |
Frequently Asked Questions
Common questions about the housing market in Palm Springs, California.
What is the median home price in Palm Springs, California?
The median home price in Palm Springs, California is $430,026, lower than the California average of $650,794.
What is the average home price in Palm Springs, California?
The typical home price in Palm Springs, California, reported as the median sale price, is $430,026. 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 Palm Springs, California?
The median gross rent in Palm Springs, California is $1,569 per month, lower than the California average of $2,036.
What was the median gross rent in Palm Springs in 2020?
In 2020, the median gross rent in Palm Springs, California was $1,200 per month.
What is the price-to-rent ratio in Palm Springs, California?
The price-to-rent ratio in Palm Springs, California is about 22.8, meaning it would take roughly 22.8 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 Palm Springs.
Are home prices or rent rising faster in Palm Springs, California?
Both home prices and rent are rising in Palm Springs, up about 8.2% and 6.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Palm Springs, California?
45.1% of households in Palm Springs, California own their home, lower than the California average of 51.7%.
What is the vacancy rate in Palm Springs, California?
The housing vacancy rate in Palm Springs, California is 31.9%, higher than the California average of 7.5%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →