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 Cruz | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $811,474 | $642,203 | $242,182 |
| Price Trend (Annual %) | 17.3% | 10.0% | 8.2% |
| Median Gross Rent | $2,272 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Santa Cruz is about 26% higher than in California. Rent is about 16% 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 Cruz, up about 17.3% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Santa Cruz rose about 48.7% between 2015 and 2023, from $1,527 to $2,272. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 7.4 yearly household incomes in Santa Cruz.
Buying the median-priced home in Santa Cruz costs roughly 29.8 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 Cruz. The price-to-rent ratio in California is about 27.4.
| Metric | Santa Cruz | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $811,474 | $642,203 | $242,182 |
| Median Household Income | $109,339 | $96,718 | $78,145 |
| Price-to-Income Ratio | 7.4 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Santa Cruz rose about 42.2%, while median household income rose about 98.2% 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 Cruz | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.8% | 51.6% | 58.2% |
| Rental Rate | 48.2% | 40.9% | 31.3% |
| Vacancy Rate | 9.1% | 7.6% | 10.6% |
| Median Tenure (years) | 12.0 | 15.0 | 15.0 |
| Median Year Moved In | 2014 | 2011 | 2011 |
Santa Cruz has a homeownership rate of 42.8%, lower than the California average of 51.6%. Its housing vacancy rate is 9.1%, compared with 7.6% in California.
Housing Stock
| Metric | Santa Cruz | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1966 | 1975 | 1978 |
| Median Number of Rooms | 4.5 | 5.0 | 5.5 |
The typical housing unit in Santa Cruz was built around 1966. On average, 2.3 people live in a home with about 4.5 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Santa Cruz, California.
What is the median home price in Santa Cruz, California?
The median home price in Santa Cruz, California is $811,474, higher than the California average of $642,203.
What is the average home price in Santa Cruz, 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 Cruz, California?
The median gross rent in Santa Cruz, California is $2,272 per month, higher than the California average of $1,955.
What was the median gross rent in Santa Cruz in 2020?
In 2020, the median gross rent in Santa Cruz, California was $2,018 per month.
What is the price-to-rent ratio in Santa Cruz, California?
The price-to-rent ratio in Santa Cruz, California is about 29.8, meaning it would take roughly 29.8 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 Cruz.
Are home prices or rent rising faster in Santa Cruz, California?
Both home prices and rent are rising in Santa Cruz, up about 17.3% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Santa Cruz, California?
42.8% of households in Santa Cruz, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in Santa Cruz, California?
The housing vacancy rate in Santa Cruz, California is 9.1%, higher than the California average of 7.6%.