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 Mateo County | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,755,346 | $642,203 | $242,182 |
| Price Trend (Annual %) | 9.6% | 10.0% | 8.2% |
| Median Gross Rent | $2,892 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.8% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in San Mateo County is about 173% higher than in California. Rent is about 48% 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 Mateo County, up about 9.6% and 6.8% a year respectively. Home prices are changing faster.
Median rent in San Mateo County rose about 67.4% between 2015 and 2023, from $1,727 to $2,892. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 11.2 yearly household incomes in San Mateo County.
Buying the median-priced home in San Mateo County costs roughly 50.6 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 Mateo County. The price-to-rent ratio in California is about 27.4.
| Metric | San Mateo County | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,755,346 | $642,203 | $242,182 |
| Median Household Income | $156,301 | $96,718 | $78,145 |
| Price-to-Income Ratio | 11.2 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in San Mateo County rose about 138.1%, while median household income rose about 84.2% 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 Mateo County | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.7% | 51.6% | 58.2% |
| Rental Rate | 37.9% | 40.9% | 31.3% |
| Vacancy Rate | 7.4% | 7.6% | 10.6% |
| Median Tenure (years) | 17.0 | 15.0 | 15.0 |
| Median Year Moved In | 2009 | 2011 | 2011 |
San Mateo County has a homeownership rate of 54.7%, higher than the California average of 51.6%. Its housing vacancy rate is 7.4%, compared with 7.6% in California.
Housing Stock
| Metric | San Mateo County | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.76 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1963 | 1975 | 1978 |
| Median Number of Rooms | 5.0 | 5.0 | 5.5 |
The typical housing unit in San Mateo County was built around 1963. On average, 2.8 people live in a home with about 5.0 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in San Mateo County, California.
What is the median home price in San Mateo County, California?
The median home price in San Mateo County, California is $1,755,346, higher than the California average of $642,203.
What is the average home price in San Mateo 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 Mateo County, California?
The median gross rent in San Mateo County, California is $2,892 per month, higher than the California average of $1,955.
What was the median gross rent in San Mateo County in 2020?
In 2020, the median gross rent in San Mateo County, California was $2,434 per month.
What is the price-to-rent ratio in San Mateo County, California?
The price-to-rent ratio in San Mateo County, California is about 50.6, meaning it would take roughly 50.6 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 Mateo County.
Are home prices or rent rising faster in San Mateo County, California?
Both home prices and rent are rising in San Mateo County, up about 9.6% and 6.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in San Mateo County, California?
54.7% of households in San Mateo County, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in San Mateo County, California?
The housing vacancy rate in San Mateo County, California is 7.4%, lower than the California average of 7.6%.