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 | Santa Clara | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $761,918 | $642,203 | $242,182 |
| Price Trend (Annual %) | 5.8% | 10.0% | 8.2% |
| Median Gross Rent | $2,995 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.5% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Santa Clara is about 19% higher than in California. Rent is about 53% 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 Santa Clara, up about 5.8% and 6.5% a year respectively. Rent is changing faster.
Median rent in Santa Clara rose about 67.9% between 2015 and 2023, from $1,784 to $2,995. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 4.4 yearly household incomes in Santa Clara.
Buying the median-priced home in Santa Clara costs roughly 21.2 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 Santa Clara. The price-to-rent ratio in California is about 27.4.
| Metric | Santa Clara | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $761,918 | $642,203 | $242,182 |
| Median Household Income | $175,013 | $96,718 | $78,145 |
| Price-to-Income Ratio | 4.4 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Santa Clara rose about 32.9%, while median household income rose about 111.5% 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 | Santa Clara | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 39.2% | 51.6% | 58.2% |
| Rental Rate | 54.8% | 40.9% | 31.3% |
| Vacancy Rate | 6.1% | 7.6% | 10.6% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
Santa Clara has a homeownership rate of 39.2%, lower than the California average of 51.6%. Its housing vacancy rate is 6.1%, compared with 7.6% in California.
Housing Stock
| Metric | Santa Clara | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1976 | 1975 | 1978 |
| Median Number of Rooms | 4.2 | 5.0 | 5.5 |
The typical housing unit in Santa Clara was built around 1976. On average, 2.6 people live in a home with about 4.2 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Santa Clara, California.
What is the median home price in Santa Clara, California?
The median home price in Santa Clara, California is $761,918, higher than the California average of $642,203.
What is the average home price in Santa Clara, 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 Santa Clara, California?
The median gross rent in Santa Clara, California is $2,995 per month, higher than the California average of $1,955.
What was the median gross rent in Santa Clara in 2020?
In 2020, the median gross rent in Santa Clara, California was $2,541 per month.
What is the price-to-rent ratio in Santa Clara, California?
The price-to-rent ratio in Santa Clara, California is about 21.2, meaning it would take roughly 21.2 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 Santa Clara.
Are home prices or rent rising faster in Santa Clara, California?
Both home prices and rent are rising in Santa Clara, up about 5.8% and 6.5% a year respectively. Rent is changing faster.
What is the homeownership rate in Santa Clara, California?
39.2% of households in Santa Clara, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Santa Clara, California?
The housing vacancy rate in Santa Clara, California is 6.1%, lower than the California average of 7.6%.