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 | Ridgecrest | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $145,652 | $642,203 | $242,182 |
| Price Trend (Annual %) | 5.5% | 10.0% | 8.2% |
| Median Gross Rent | $1,202 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 4.9% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Ridgecrest is about 77% lower than in California. Rent is about 39% 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 Ridgecrest, up about 5.5% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Ridgecrest rose about 38.7% between 2015 and 2023, from $866 to $1,202. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 1.7 yearly household incomes in Ridgecrest.
Buying the median-priced home in Ridgecrest costs roughly 10.1 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 Ridgecrest. The price-to-rent ratio in California is about 27.4.
| Metric | Ridgecrest | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $145,652 | $642,203 | $242,182 |
| Median Household Income | $86,379 | $96,718 | $78,145 |
| Price-to-Income Ratio | 1.7 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Ridgecrest rose about 23.4%, while median household income rose about 48.5% 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 | Ridgecrest | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.7% | 51.6% | 58.2% |
| Rental Rate | 34.1% | 40.9% | 31.3% |
| Vacancy Rate | 8.1% | 7.6% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Ridgecrest has a homeownership rate of 57.7%, higher than the California average of 51.6%. Its housing vacancy rate is 8.1%, compared with 7.6% in California.
Housing Stock
| Metric | Ridgecrest | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1980 | 1975 | 1978 |
| Median Number of Rooms | 5.3 | 5.0 | 5.5 |
The typical housing unit in Ridgecrest was built around 1980. On average, 2.5 people live in a home with about 5.3 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Ridgecrest, California.
What is the median home price in Ridgecrest, California?
The median home price in Ridgecrest, California is $145,652, lower than the California average of $642,203.
What is the average home price in Ridgecrest, 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 Ridgecrest, California?
The median gross rent in Ridgecrest, California is $1,202 per month, lower than the California average of $1,955.
What was the median gross rent in Ridgecrest in 2020?
In 2020, the median gross rent in Ridgecrest, California was $945 per month.
What is the price-to-rent ratio in Ridgecrest, California?
The price-to-rent ratio in Ridgecrest, California is about 10.1, meaning it would take roughly 10.1 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 Ridgecrest.
Are home prices or rent rising faster in Ridgecrest, California?
Both home prices and rent are rising in Ridgecrest, up about 5.5% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Ridgecrest, California?
57.7% of households in Ridgecrest, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Ridgecrest, California?
The housing vacancy rate in Ridgecrest, California is 8.1%, higher than the California average of 7.6%.