The typical owner-occupied home in Pacific Grove is worth about $1,190,400, 62% above the California median of $734,700 and 3.6 times the national median of $332,700. Owners pay a median $6,942 a year in property taxes, about 0.58% of their home's value, lower than the California rate of 0.70%. The median household earns $106,065 a year, so the median home costs 11.2 times the median income (7.4 times for California). 50% of occupied homes here are lived in by their owners, and 51% of those owners still have a mortgage.
Pacific Grove at a glance
| Pacific Grove | California | U.S. | |
|---|---|---|---|
| Median home value | $1,190,400 | $734,700 | $332,700 |
| Median property tax paid per year | $6,942 | $5,124 | $3,119 |
| Property tax as a share of value | 0.58% | 0.70% | 0.94% |
| Median household income | $106,065 | $99,122 | $80,734 |
| Homes lived in by their owners | 50% | 56% | 65% |
| Owner homes with a mortgage | 51% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $3,558 | $2,946 | $1,963 |
| Those costs as a share of the owners' income | 28.0% | 24.8% | 21.0% |
| Median rent | $2,455 | $2,036 | $1,413 |
| Rent as a share of renters' income | 33.4% | 32.8% | 30.6% |
| Median year homes were built | 1956 | 1976 | 1980 |
| Vacant homes | 15.6% | 7.5% | 10.1% |
| Population | 14,951 | 39,287,377 | 334,922,499 |
What a typical home costs per month in Pacific Grove
At this week's average 30-year rate of 7.11%, buying the median Pacific Grove home of $1,190,400 with 20% down costs about $7,478 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $9,652, 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 $320,472 for the 20%-down payment. That payment is 85% of the median Pacific Grove household income of $106,065; at that income and 20% down, the 28% guideline points to a home of about $394,000.
The median rent here is $2,455 a month, so owning the median home costs about $5,023 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $238,080 |
|---|---|
| Loan amount | $952,320 |
| Principal and interest | $6,406 |
| Property taxes (0.58% a year) | $575 |
| Homeowners insurance (our estimate, 0.5% a year) | $496 |
| PMI | $0 |
| Total per month | $7,478 |
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| Down payment | $41,664 |
|---|---|
| Loan amount | $1,168,839 |
| Principal and interest | $7,863 |
| Property taxes (0.58% a year) | $575 |
| Homeowners insurance (our estimate, 0.5% a year) | $496 |
| FHA mortgage insurance | $718 |
| Total per month | $9,652 |
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Questions about home buying in Pacific Grove
What is the median home value in Pacific Grove?
About $1,190,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Pacific Grove?
Homeowners pay a median $6,942 a year, which is about 0.58% 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 Pacific Grove?
For the median home with 20% down at 7.11%, the payment is about $7,478 a month. Keeping that under 28% of gross income takes about $320,472 a year.
More about Pacific Grove
- Mortgage Refinance in Pacific Grove
- Debt Relief in Pacific Grove
- Home Equity Loans in Pacific Grove
- 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