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 | San Jose | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,071,373 | $642,203 | $242,182 |
| Price Trend (Annual %) | 8.6% | 10.0% | 8.2% |
| Median Gross Rent | $2,613 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.5% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in San Jose is about 67% higher than in California. Rent is about 34% 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 San Jose, up about 8.6% and 6.5% a year respectively. Home prices are changing faster.
Median rent in San Jose rose about 65.0% between 2015 and 2023, from $1,584 to $2,613. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 7.7 yearly household incomes in San Jose.
Buying the median-priced home in San Jose costs roughly 34.2 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 San Jose. The price-to-rent ratio in California is about 27.4.
| Metric | San Jose | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,071,373 | $642,203 | $242,182 |
| Median Household Income | $139,776 | $96,718 | $78,145 |
| Price-to-Income Ratio | 7.7 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in San Jose rose about 122.9%, while median household income rose about 79.8% 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 | San Jose | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.9% | 51.6% | 58.2% |
| Rental Rate | 42.2% | 40.9% | 31.3% |
| Vacancy Rate | 4.8% | 7.6% | 10.6% |
| Median Tenure (years) | 15.0 | 15.0 | 15.0 |
| Median Year Moved In | 2011 | 2011 | 2011 |
San Jose has a homeownership rate of 52.9%, higher than the California average of 51.6%. Its housing vacancy rate is 4.8%, compared with 7.6% in California.
Housing Stock
| Metric | San Jose | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.98 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1976 | 1975 | 1978 |
| Median Number of Rooms | 5.0 | 5.0 | 5.5 |
The typical housing unit in San Jose was built around 1976. On average, 3.0 people live in a home with about 5.0 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in San Jose, California.
What is the median home price in San Jose, California?
The median home price in San Jose, California is $1,071,373, higher than the California average of $642,203.
What is the average home price in San Jose, 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 San Jose, California?
The median gross rent in San Jose, California is $2,613 per month, higher than the California average of $1,955.
What was the median gross rent in San Jose in 2020?
In 2020, the median gross rent in San Jose, California was $2,225 per month.
What is the price-to-rent ratio in San Jose, California?
The price-to-rent ratio in San Jose, California is about 34.2, meaning it would take roughly 34.2 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 San Jose.
Are home prices or rent rising faster in San Jose, California?
Both home prices and rent are rising in San Jose, up about 8.6% and 6.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in San Jose, California?
52.9% of households in San Jose, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in San Jose, California?
The housing vacancy rate in San Jose, California is 4.8%, lower than the California average of 7.6%.