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 | South Pasadena | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,061,006 | $642,203 | $242,182 |
| Price Trend (Annual %) | -0.3% | 10.0% | 8.2% |
| Median Gross Rent | $2,217 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in South Pasadena is about 65% higher than in California. Rent is about 13% higher than the California average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in South Pasadena: home prices fell about 0.3% a year while rent rose about 6.1% a year. That is an unusual pattern worth watching.
Median rent in South Pasadena rose about 57.9% between 2015 and 2023, from $1,404 to $2,217. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 8.4 yearly household incomes in South Pasadena.
Buying the median-priced home in South Pasadena costs roughly 39.9 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 South Pasadena. The price-to-rent ratio in California is about 27.4.
| Metric | South Pasadena | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,061,006 | $642,203 | $242,182 |
| Median Household Income | $126,336 | $96,718 | $78,145 |
| Price-to-Income Ratio | 8.4 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in South Pasadena rose about 54.8%, while median household income rose about 54.8% between 2009 and 2023 — keeping pace with each other.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | South Pasadena | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 41.5% | 51.6% | 58.2% |
| Rental Rate | 52.8% | 40.9% | 31.3% |
| Vacancy Rate | 5.7% | 7.6% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
South Pasadena has a homeownership rate of 41.5%, lower than the California average of 51.6%. Its housing vacancy rate is 5.7%, compared with 7.6% in California.
Housing Stock
| Metric | South Pasadena | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.51 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1951 | 1975 | 1978 |
| Median Number of Rooms | 4.7 | 5.0 | 5.5 |
The typical housing unit in South Pasadena was built around 1951. On average, 2.5 people live in a home with about 4.7 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in South Pasadena, California.
What is the median home price in South Pasadena, California?
The median home price in South Pasadena, California is $1,061,006, higher than the California average of $642,203.
What is the average home price in South Pasadena, 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 South Pasadena, California?
The median gross rent in South Pasadena, California is $2,217 per month, higher than the California average of $1,955.
What was the median gross rent in South Pasadena in 2020?
In 2020, the median gross rent in South Pasadena, California was $1,830 per month.
What is the price-to-rent ratio in South Pasadena, California?
The price-to-rent ratio in South Pasadena, California is about 39.9, meaning it would take roughly 39.9 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 South Pasadena.
Are home prices or rent rising faster in South Pasadena, California?
Home prices and rent are moving in opposite directions in South Pasadena: home prices fell about 0.3% a year while rent rose about 6.1% a year. That is an unusual pattern worth watching.
What is the homeownership rate in South Pasadena, California?
41.5% of households in South Pasadena, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in South Pasadena, California?
The housing vacancy rate in South Pasadena, California is 5.7%, lower than the California average of 7.6%.