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 | Paramount | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $875,000 | $642,203 | $242,182 |
| Price Trend (Annual %) | 24.8% | 10.0% | 8.2% |
| Median Gross Rent | $1,771 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.7% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Paramount is about 36% higher than in California. Rent is about 9% 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 Paramount, up about 24.8% and 5.7% a year respectively. Home prices are changing faster.
Median rent in Paramount rose about 48.7% between 2015 and 2023, from $1,191 to $1,771. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 12.3 yearly household incomes in Paramount.
Buying the median-priced home in Paramount costs roughly 41.2 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 Paramount. The price-to-rent ratio in California is about 27.4.
| Metric | Paramount | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $875,000 | $642,203 | $242,182 |
| Median Household Income | $70,953 | $96,718 | $78,145 |
| Price-to-Income Ratio | 12.3 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Paramount rose about 326.5%, while median household income rose about 64.5% 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 | Paramount | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.7% | 51.6% | 58.2% |
| Rental Rate | 55.7% | 40.9% | 31.3% |
| Vacancy Rate | 1.6% | 7.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
Paramount has a homeownership rate of 42.7%, lower than the California average of 51.6%. Its housing vacancy rate is 1.6%, compared with 7.6% in California.
Housing Stock
| Metric | Paramount | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.63 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1970 | 1975 | 1978 |
| Median Number of Rooms | 4.3 | 5.0 | 5.5 |
The typical housing unit in Paramount was built around 1970. On average, 3.6 people live in a home with about 4.3 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Paramount, California.
What is the median home price in Paramount, California?
The median home price in Paramount, California is $875,000, higher than the California average of $642,203.
What is the average home price in Paramount, 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 Paramount, California?
The median gross rent in Paramount, California is $1,771 per month, lower than the California average of $1,955.
What was the median gross rent in Paramount in 2020?
In 2020, the median gross rent in Paramount, California was $1,461 per month.
What is the price-to-rent ratio in Paramount, California?
The price-to-rent ratio in Paramount, California is about 41.2, meaning it would take roughly 41.2 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 Paramount.
Are home prices or rent rising faster in Paramount, California?
Both home prices and rent are rising in Paramount, up about 24.8% and 5.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Paramount, California?
42.7% of households in Paramount, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Paramount, California?
The housing vacancy rate in Paramount, California is 1.6%, lower than the California average of 7.6%.