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 | West Hollywood | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $642,203 | $242,182 |
| Price Trend (Annual %) | 9.1% | 10.0% | 8.2% |
| Median Gross Rent | $2,103 | $1,955 | $1,342 |
| Rent Trend (Annual %) | 5.5% | 6.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in West Hollywood is about 211% higher than in California. Rent is about 8% 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 West Hollywood, up about 9.1% and 5.5% a year respectively. Home prices are changing faster.
Median rent in West Hollywood rose about 50.3% between 2015 and 2023, from $1,399 to $2,103. Over the same span, rent in California rose about 55.7%.
Affordability
On average, housing unit costs 21.5 yearly household incomes in West Hollywood.
Buying the median-priced home in West Hollywood costs roughly 79.3 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 West Hollywood. The price-to-rent ratio in California is about 27.4.
| Metric | West Hollywood | California Avg | US Average |
|---|---|---|---|
| Median Home Price | $2,000,000 | $642,203 | $242,182 |
| Median Household Income | $92,810 | $96,718 | $78,145 |
| Price-to-Income Ratio | 21.5 | 6.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in West Hollywood rose about 423.6%, while median household income rose about 85.6% 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 | West Hollywood | California Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 18.2% | 51.6% | 58.2% |
| Rental Rate | 70.6% | 40.9% | 31.3% |
| Vacancy Rate | 11.2% | 7.6% | 10.6% |
| Median Tenure (years) | 11.0 | 15.0 | 15.0 |
| Median Year Moved In | 2015 | 2011 | 2011 |
West Hollywood has a homeownership rate of 18.2%, lower than the California average of 51.6%. Its housing vacancy rate is 11.2%, compared with 7.6% in California.
Housing Stock
| Metric | West Hollywood | California Avg | US Average |
|---|---|---|---|
| Average Household Size | 1.55 people | 2.85 people | 2.54 people |
| Median Structure Built Year | 1963 | 1975 | 1978 |
| Median Number of Rooms | 3.4 | 5.0 | 5.5 |
The typical housing unit in West Hollywood was built around 1963. On average, 1.6 people live in a home with about 3.4 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in West Hollywood, California.
What is the median home price in West Hollywood, California?
The median home price in West Hollywood, California is $2,000,000, higher than the California average of $642,203.
What is the average home price in West Hollywood, 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 West Hollywood, California?
The median gross rent in West Hollywood, California is $2,103 per month, higher than the California average of $1,955.
What was the median gross rent in West Hollywood in 2020?
In 2020, the median gross rent in West Hollywood, California was $1,744 per month.
What is the price-to-rent ratio in West Hollywood, California?
The price-to-rent ratio in West Hollywood, California is about 79.3, meaning it would take roughly 79.3 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 West Hollywood.
Are home prices or rent rising faster in West Hollywood, California?
Both home prices and rent are rising in West Hollywood, up about 9.1% and 5.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in West Hollywood, California?
18.2% of households in West Hollywood, California own their home, lower than the California average of 51.6%.
What is the vacancy rate in West Hollywood, California?
The housing vacancy rate in West Hollywood, California is 11.2%, higher than the California average of 7.6%.