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City · 29,613 residents · Monterey County, California

Monterey , California

In Monterey, a typical home is worth $1,076,300 and typical rent is $2,353 a month. Compared with all of Monterey County, the typical home value is 38% higher, typical rent is 15% higher, and the share of households that own their home is 16 points lower.

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  • Typical home value

    $1,076,300

    38% above the county

    46% above California

    • Monterey
    • County
    • California

  • Typical rent

    $2,353a month

    15% above the county

    16% above California

    • Monterey
    • County
    • California

  • Typical household income

    $102,846a year

    6% above the county

    4% above California

    • Monterey
    • County
    • California

  • Households that own their home

    36%

    16 points below the county

    20 points below California

    • Monterey
    • County
    • California

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$1,153,012
1.4% more than 12 months ago
Typical rent
$2,696 a month
2% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Monterey is in Monterey County. The FHA loan limit ($994,750 for a one-unit home), the fair market rents and the help on this page are those of all of Monterey County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Monterey apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Castroville, the typical home value is $617,100: 43% less than in Monterey ($1,076,300).

  2. Monterey has the 25th lowest homeownership rate of the 652 cities in California with more than 5,000 people (36%).

  3. The typical home in Monterey is worth $1,076,300, 38% more than in Monterey County as a whole ($781,000).

  4. Nearby, in Castroville, the typical rent is $1,948: 17% less than in Monterey ($2,353).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Monterey

What homes there are in Monterey, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

Homes in Monterey are varied: detached houses are the largest group, at 43%, against 63% in Monterey County.

Year built

Homes in Monterey are older: the typical year built is 1971; in Monterey County, 1976.

There are fewer big homes in Monterey than in Monterey County: 36% have 3 bedrooms or more, against 57%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$3,137 a month

Monterey County: $2,832 a month

Without a mortgage

$793 a month

Monterey County: $785 a month

Owners with a mortgage

65%

Monterey County: 63%

In Monterey, 65% of owners have a mortgage, and their typical cost is $3,137 a month, against $2,832 in Monterey County. Without one it drops to $793.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

The typical home value in Monterey rose 38% since 2015–2019, less than in Monterey County (51%).

Rents in Monterey rose more slowly than in Monterey County: 31% since 2015–2019, against 38%.

The typical household income in Monterey rose 28%: less than home values (+38%) and rent (+31%).

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureMontereyMonterey CountyCaliforniaUnited States
Rental vacancy 3.6%2.1%4.2%5.5%
Homeowner vacancy Unreliable estimate0.7%0.8%0.9%
More than one person per room 5.5%15.0%8.2%3.4%
People per household 2.103.162.842.53
Drive alone 58%70%66%69%
Carpool 4%10%10%9%
Public transit Unreliable estimate1%3%3%
Walk or bike 11%3%3%3%
Work from home 23%10%17%15%
Other means Unreliable estimate6%2%2%
Typical commute 10 to 19 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

In Monterey, the rental vacancy rate is 3.6%; in Monterey County, 2.1%.

In Monterey, 5.5% of households live with more than one person per room, against 15.0% in Monterey County.

Fewer people live in each home here: 2.10 on average, against 3.16 in Monterey County.

Working from home is more common in Monterey: 23%, against 10% in Monterey County.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Monterey?

A typical home costs more than the typical income allows

We start with a typical home in Monterey, worth $1,076,300, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 102% of the typical household income in Monterey, which is $102,846 a year. For that payment to be 28% of income, a household would need to earn about $375,388 a year. Note: at that price the loan is above the FHA limit for Monterey County ($994,750), so FHA would not insure it; the payment is only a reference.

The calculator's FHA and conventional loan limits are those of all of Monterey County.

Your numbers

Local data
$

Starts at the typical home value in Monterey. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $37,671 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$8,759

at 7.18% · 30 years

Loan amount
$1,056,805
Total interest
$1,520,494
Paid off in
November 2056

Includes $18,176 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,400 a month

  • Tight

    $2,400 to $3,085 a month

  • Hard

    more than $3,085 a month

    Your payment · 102%

Compared with the typical household income in Monterey ($102,846 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$8,759
Principal & interest$7,159
Property tax$502
Home insurance$449
FHA mortgage insurance (MIP)$649

This loan is over the FHA limit

You'd borrow $1,038,629, but the FHA limit for a one-unit home in Monterey is $994,750. You'd need a bigger down payment or a different loan.

You need at least $37,671 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Monterey and Monterey County

Monterey is in Monterey County, California. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Monterey's own numbers

Typical home value
$1,076,300
Typical monthly rent
$2,353
Typical yearly household income
$102,846
Households that own their home
36%
Effective property tax rate
0.56%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Monterey County

FHA limit, one-unit home
$994,750
Conventional limit, one unit
$994,750
HUD fair market rent, 2 bedrooms
$2,416
Price change over 5 years (FHFA)
+44%
Homes in a high flood-risk zone
2.8%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Monterey County.

Everything about Monterey County

Buying

Buying a home in Monterey

A typical home in Monterey is worth $1,076,300: 38% above the county and 46% above California. With the typical household income in Monterey ($102,846 a year), a typical home costs 10.5 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Monterey 10.5 years
  • County 8.0 years
  • California 7.4 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Monterey County

According to FHFA’s house price index, home prices in Monterey County rose 94% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Monterey County.

Period County California U.S.
Last year (2025) +1.3% +0.8% +2.9%
5 years (2020–2025) +44% +40% +47%
10 years (2015–2025) +94% +80% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Monterey next to Monterey County, California and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Monterey $1,076,300
  • County $781,000
  • California $734,700
  • United States $332,700
Typical monthly rent
  • Monterey $2,353
  • County $2,055
  • California $2,036
  • United States $1,413
Typical yearly household income
  • Monterey $102,846
  • County $97,230
  • California $99,122
  • United States $80,734
See the full table
Monterey next to Monterey County and California
Measure Monterey Monterey County California U.S.
Typical home value $1,076,300 $781,000 $734,700 $332,700
Typical monthly rent $2,353 $2,055 $2,036 $1,413
Typical yearly household income $102,846 $97,230 $99,122 $80,734
Households that own their home 36% 52% 56% 65%
Typical yearly property tax $6,071 $4,910 $5,124 $3,119
Effective property tax rate 0.56% 0.63% 0.7% 0.94%
Renters with high rent for their income 56% 56% 55% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Monterey County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Monterey

For a typical $1,076,300 home in Monterey, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Monterey's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $8,759a month

    Above the FHA limit for Monterey County ($994,750)
    Down payment
    $37,671
    Cash to close
    $69,960
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $649

  • Conventional, 5% down $8,389a month

    Above the conventional limit for Monterey County ($994,750): it would be a "jumbo" loan
    Down payment
    $53,815
    Cash to close
    $86,104
    Rate
    7.18%
    Mortgage insurance
    PMI · $511

  • Conventional, 20% down, no PMI $6,784a month

    Least cash to close
    Down payment
    $215,260
    Cash to close
    $247,549
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $7,779a month

    Down payment
    $161,445
    Cash to close
    $193,734
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is Conventional, 20% down, no PMI.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Monterey and for Monterey County.

Property tax

Effective rate in Monterey

0.56%of the home’s value each year

$6,071 a year for the typical owner in Monterey.

  • Monterey 0.56%
  • County 0.63%
  • California 0.7%

What California publishes Homeowners' exemption (California State Board of Equalization (BOE))

Exemptions and deadlines in California

Flood risk in Monterey County

FEMA does not publish these numbers by city: they are for all of Monterey County.

Homes in the high-risk zone
2.8%
3,063
Of those, with NFIP insurance
23%
County California U.S.
Homes in the high-risk zone 2.8% 2.8% 3.5%
Of those, with NFIP insurance 23% 31% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Monterey

Typical rent in Monterey is $2,353 a month: 15% above the county. In Monterey, 56% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Monterey County, by unit size. To pay the 2-bedroom one ($2,416 a month) without spending more than 30% of your income, you would need to earn $46.46 an hour working full time.

HUD fair market rent for all of Monterey County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,956 $37.62 $78,240
1 bedroom $2,009 $38.63 $80,360
2 bedrooms $2,416 $46.46 $96,640
3 bedrooms $3,261 $62.71 $130,440
4 bedrooms $3,551 $68.29 $142,040

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Monterey

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Monterey has 3 ZIP codes with their own.

For 2 bedrooms it runs from $2,790 in 93943 to $3,000 in 93944.

3 of the 3 are above the fair market rent for Monterey County ($2,416).

  • 93940 $2,890$3,890
  • 93943 $2,790$3,590
  • 93944 $3,000$4,040

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Monterey when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Monterey

HUD lists 6 buildings with rents for lower incomes in Monterey. These are the largest.

  • Portola Vista (Monterey H) 20 Del Monte Ave, Monterey 93940 64 low-income homes · For older adults (831) 372-5057
  • El Estero 151 Park Ave, Monterey 93940 26 low-income homes · For older adults
  • Van Buren Senior Housing 669 Van Buren St, Monterey 93940 19 homes, 18 low-income · 1 bd: 19 · In service since 2018 · For older adults
  • Dela Vina Apartments 345 Dela Vina Ave, Monterey 93940 14 low-income homes · For people with disabilities (831) 646-2220
  • Montecito/Watson 242 Montecito Ave, Monterey 93940 13 low-income homes · For families

See all 86 buildings in Monterey County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Monterey

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

We found no HUD-approved agencies with an office in Monterey County. The nearest ones are below; many serve by phone or online.

A man leans over the armchair to help a teenage girl with her book.

HUD counseling is free or low-cost

Assistance programs in Monterey

No down payment, repair or rent-help program on our list is for Monterey or Monterey County. The ones below are statewide in California: they work in Monterey the same as in the rest of the state.

Which programs do I qualify for? All programs in California

  • MyHome Assistance Program

    Statewide in California

    CalHFA second loan with deferred payments for the down payment or closing costs of first-time buyers in California. Offered by California Housing Finance Agency (CalHFA).

    Deferred

    See the program Official page

  • California Dream For All Shared Appreciation Loan

    Statewide in California

    Closed, per the source

    CalHFA down payment loan for first-generation buyers in California; when you sell, you repay the loan plus a share of the home's appreciation. Offered by California Housing Finance Agency (CalHFA).

    Shared appreciation

    See the program Official page

  • MyAccess Program

    Statewide in California

    CalHFA second loan with deferred payments for the down payment or closing costs of first-time buyers who use the CalPLUS Access mortgage (FHA or conventional). Offered by California Housing Finance Agency (CalHFA).

    Deferred

    See the program Official page

Housing counselors near Monterey

The HUD-approved agencies closest to the center of Monterey, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Santa Clara County Asian Law Alliance

    991 W Hedding St, San Jose · 51 miles away · Spanish

    Also serves in Cantonese, Mandarin Chinese, Korean, and Vietnamese.

    • Fair housing pre-purchase workshops
    • Homelessness services
    • and 2 more
    (408) 287-9710

  • Project Sentinel

    1490 El Camino Real, Santa Clara · 52 miles away

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 5 more
    (408) 470-3730

  • Habitat for Humanity East Bay/Silicon Valley - Milpitas

    1608 Las Plumas Ave, San Jose · 52 miles away · Spanish

    • Budget and financial counseling
    • Budget and credit workshops
    • and 3 more
    (510) 803-3362

All counseling agencies in California

Help in Spanish near Monterey

2 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Monterey

HUD’s record names them for Monterey or Monterey County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Housing Authority of the County of Monterey Public housing and Section 8 vouchers (831) 775-5000

All housing agencies in California Source: HUD

Cities

Other cities in Monterey County

These cities are also in Monterey County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Monterey County Housing in California

Nearby cities

The cities closest to Monterey, with the typical home value.

Neighboring counties

If Monterey County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Monterey.

All guides
A father holds his baby and his young son by a white picket fence.

Questions

Housing questions about Monterey

Short answers with the numbers for Monterey and all of Monterey County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Monterey?

The typical home value in Monterey is $1,076,300, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Monterey County it is $781,000.

How much does it cost to rent in Monterey?

Typical rent in Monterey is $2,353 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Monterey County is $2,416.

What is the FHA loan limit in Monterey?

Monterey uses the FHA limit for all of Monterey County (2026): $994,750 for a one-unit home and $1,913,000 for a four-unit home.

How much property tax do owners pay in Monterey?

The typical homeowner in Monterey pays $6,071 a year, according to the U.S. Census Bureau. That is 0.56% of the home’s value; in Monterey County, the rate is 0.63%.

Where can I find free help to buy or rent in Monterey?

We found no HUD-approved counseling agencies with an office in Monterey County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).