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 | Walnut | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,126,760 | $642,203 | $242,182 |
| Price Trend (Annual %) | 10.3% | 10.0% | 8.2% |
| Median Gross Rent | $3,114 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 6.2% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Walnut is about 75% higher than in California. Rent is about 59% 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 Walnut, up about 10.3% and 6.2% a year respectively. Home prices are changing faster.
Median rent in Walnut rose about 52.3% between 2015 and 2023, from $2,045 to $3,114. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 8.6 yearly household incomes in Walnut.
Buying the median-priced home in Walnut costs roughly 30.2 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 Walnut. The price-to-rent ratio in California is about 27.4.
| Metric | Walnut | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,126,760 | $642,203 | $242,182 |
| Median Household Income | $130,799 | $96,718 | $78,145 |
| Price-to-Income Ratio | 8.6 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Walnut rose about 79.6%, while median household income rose about 30.5% 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 | Walnut | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 78.0% | 51.6% | 58.2% |
| Rental Rate | 16.4% | 40.9% | 31.3% |
| Vacancy Rate | 5.6% | 7.6% | 10.6% |
| Median Tenure (years) | 23.0 | 15.0 | 15.0 |
| Median Year Moved In | 2003 | 2011 | 2011 |
Walnut has a homeownership rate of 78.0%, higher than the California average of 51.6%. Its housing vacancy rate is 5.6%, compared with 7.6% in California.
Housing Stock
| Metric | Walnut | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.27 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1981 | 1975 | 1978 |
| Median Number of Rooms | 6.6 | 5.0 | 5.5 |
The typical housing unit in Walnut was built around 1981. On average, 3.3 people live in a home with about 6.6 rooms, staying for about 23.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Walnut, California.
What is the median home price in Walnut, California?
The median home price in Walnut, California is $1,126,760, higher than the California average of $642,203.
What is the average home price in Walnut, 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 Walnut, California?
The median gross rent in Walnut, California is $3,114 per month, higher than the California average of $1,955.
What was the median gross rent in Walnut in 2020?
In 2020, the median gross rent in Walnut, California was $2,513 per month.
What is the price-to-rent ratio in Walnut, California?
The price-to-rent ratio in Walnut, California is about 30.2, meaning it would take roughly 30.2 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 Walnut.
Are home prices or rent rising faster in Walnut, California?
Both home prices and rent are rising in Walnut, up about 10.3% and 6.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Walnut, California?
78.0% of households in Walnut, California own their home, higher than the California average of 51.6%.
What is the vacancy rate in Walnut, California?
The housing vacancy rate in Walnut, California is 5.6%, lower than the California average of 7.6%.