The typical owner-occupied home in Elk Grove is worth about $630,100, 14% below the California median of $734,700 and 89% above the national median of $332,700. Owners pay a median $5,266 a year in property taxes, about 0.84% of their home's value, higher than the California rate of 0.70%. The median household earns $125,924 a year, so the median home costs 5.0 times the median income (7.4 times for California). 74% of occupied homes here are lived in by their owners, and 73% of those owners still have a mortgage.
Elk Grove at a glance
| Elk Grove | California | U.S. | |
|---|---|---|---|
| Median home value | $630,100 | $734,700 | $332,700 |
| Median property tax paid per year | $5,266 | $5,124 | $3,119 |
| Property tax as a share of value | 0.84% | 0.70% | 0.94% |
| Median household income | $125,924 | $99,122 | $80,734 |
| Homes lived in by their owners | 74% | 56% | 65% |
| Owner homes with a mortgage | 73% | 67% | 61% |
| Median monthly costs, owners with a mortgage | $2,730 | $2,946 | $1,963 |
| Those costs as a share of the owners' income | 22.6% | 24.8% | 21.0% |
| Median rent | $2,262 | $2,036 | $1,413 |
| Rent as a share of renters' income | 32.0% | 32.8% | 30.6% |
| Median year homes were built | 2000 | 1976 | 1980 |
| Vacant homes | 2.5% | 7.5% | 10.1% |
| Population | 179,155 | 39,287,377 | 334,922,499 |
What a typical home costs per month in Elk Grove
At this week's average 30-year rate of 7.11%, buying the median Elk Grove home of $630,100 with 20% down costs about $4,095 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $5,144, 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 $175,482 for the 20%-down payment. That payment is 39% of the median Elk Grove household income of $125,924; at that income and 20% down, the 28% guideline points to a home of about $452,000.
The median rent here is $2,262 a month, so owning the median home costs about $1,833 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $126,020 |
|---|---|
| Loan amount | $504,080 |
| Principal and interest | $3,391 |
| Property taxes (0.84% a year) | $441 |
| Homeowners insurance (our estimate, 0.5% a year) | $263 |
| PMI | $0 |
| Total per month | $4,095 |
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| Down payment | $22,054 |
|---|---|
| Loan amount | $618,687 |
| Principal and interest | $4,162 |
| Property taxes (0.84% a year) | $441 |
| Homeowners insurance (our estimate, 0.5% a year) | $263 |
| FHA mortgage insurance | $279 |
| Total per month | $5,144 |
Change the numbers in the calculator
Questions about home buying in Elk Grove
What is the median home value in Elk Grove?
About $630,100 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elk Grove?
Homeowners pay a median $5,266 a year, which is about 0.84% 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 Elk Grove?
For the median home with 20% down at 7.11%, the payment is about $4,095 a month. Keeping that under 28% of gross income takes about $175,482 a year.
More about Elk Grove
- Mortgage Refinance in Elk Grove
- Debt Relief in Elk Grove
- Home Equity Loans in Elk 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