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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | San Luis Obispo County | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $855,642 | $642,203 | $242,182 |
| Price Trend (Annual %) | 8.7% | 10.0% | 8.2% |
| Median Gross Rent | $1,898 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in San Luis Obispo County is about 33% higher than in California. Rent is about 3% 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 San Luis Obispo County, up about 8.7% and 6.1% a year respectively. Home prices are changing faster.
Median rent in San Luis Obispo County rose about 53.8% between 2015 and 2023, from $1,234 to $1,898. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 9.1 yearly household incomes in San Luis Obispo County.
Buying the median-priced home in San Luis Obispo County costs roughly 37.6 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 Luis Obispo County. The price-to-rent ratio in California is about 27.4.
| Metric | San Luis Obispo County | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $855,642 | $642,203 | $242,182 |
| Median Household Income | $93,733 | $96,718 | $78,145 |
| Price-to-Income Ratio | 9.1 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in San Luis Obispo County rose about 122.3%, while median household income rose about 67.7% 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 Luis Obispo County | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.0% | 51.6% | 58.2% |
| Rental Rate | 33.2% | 40.9% | 31.3% |
| Vacancy Rate | 12.8% | 7.6% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
San Luis Obispo County has a homeownership rate of 54.0%, higher than the California average of 51.6%. Its housing vacancy rate is 12.8%, compared with 7.6% in California.
Housing Stock
| Metric | San Luis Obispo County | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1982 | 1975 | 1978 |
| Median Number of Rooms | 5.2 | 5.0 | 5.5 |
The typical housing unit in San Luis Obispo County was built around 1982. On average, 2.4 people live in a home with about 5.2 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in San Luis Obispo County, California.
What is the median home price in San Luis Obispo County, California?
The median home price in San Luis Obispo County, California is $855,642, higher than the California average of $642,203.
What is the average home price in San Luis Obispo County, 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 Luis Obispo County, California?
The median gross rent in San Luis Obispo County, California is $1,898 per month, lower than the California average of $1,955.
What was the median gross rent in San Luis Obispo County in 2020?
In 2020, the median gross rent in San Luis Obispo County, California was $1,535 per month.
What is the price-to-rent ratio in San Luis Obispo County, California?
The price-to-rent ratio in San Luis Obispo County, California is about 37.6, meaning it would take roughly 37.6 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 Luis Obispo County.
Are home prices or rent rising faster in San Luis Obispo County, California?
Both home prices and rent are rising in San Luis Obispo County, up about 8.7% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in San Luis Obispo County, California?
54.0% of households in San Luis Obispo County, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in San Luis Obispo County, California?
The housing vacancy rate in San Luis Obispo County, California is 12.8%, higher than the California average of 7.6%.