The typical owner-occupied home in California is worth about $734,700, 2.2 times the national median of $332,700. Owners pay a median $5,124 a year in property taxes, about 0.70% of their home's value, lower than the national rate of 0.94%. The median household earns $99,122 a year, so the median home costs 7.4 times the median income (4.1 times for the U.S.). 56% of occupied homes here are lived in by their owners, and 67% of those owners still have a mortgage.
California at a glance
| California | U.S. | |
|---|---|---|
| Median home value | $734,700 | $332,700 |
| Median property tax paid per year | $5,124 | $3,119 |
| Property tax as a share of value | 0.70% | 0.94% |
| Median household income | $99,122 | $80,734 |
| Homes lived in by their owners | 56% | 65% |
| Owner homes with a mortgage | 67% | 61% |
| Median monthly costs, owners with a mortgage | $2,946 | $1,963 |
| Those costs as a share of the owners' income | 24.8% | 21.0% |
| Median rent | $2,036 | $1,413 |
| Rent as a share of renters' income | 32.8% | 30.6% |
| Median year homes were built | 1976 | 1980 |
| Vacant homes | 7.5% | 10.1% |
| Population | 39,287,377 | 334,922,499 |
What a typical home costs per month in California
At this week's average 30-year rate of 7.11%, buying the median California home of $734,700 with 20% down costs about $4,689 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $5,913, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $200,940 for the 20%-down payment. That payment is 57% of the median California household income of $99,122; at that income and 20% down, the 28% guideline points to a home of about $362,000.
The median rent here is $2,036 a month, so owning the median home costs about $2,653 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $146,940 |
|---|---|
| Loan amount | $587,760 |
| Principal and interest | $3,954 |
| Property taxes (0.70% a year) | $429 |
| Homeowners insurance (our estimate, 0.5% a year) | $306 |
| PMI | $0 |
| Total per month | $4,689 |
Change the numbers in the calculator
| Down payment | $25,714 |
|---|---|
| Loan amount | $721,393 |
| Principal and interest | $4,853 |
| Property taxes (0.70% a year) | $429 |
| Homeowners insurance (our estimate, 0.5% a year) | $306 |
| FHA mortgage insurance | $325 |
| Total per month | $5,913 |
Change the numbers in the calculator
Questions about home buying in California
What is the median home value in California?
About $734,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in California?
Homeowners pay a median $5,124 a year, which is about 0.70% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in California?
For the median home with 20% down at 7.11%, the payment is about $4,689 a month. Keeping that under 28% of gross income takes about $200,940 a year.
More about California
- Mortgage Refinance in California
- Debt Relief in California
- Home Equity Loans in California
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data