City · 10,692 residents · San Luis Obispo County, California
Morro Bay, California
In Morro Bay, a typical home is worth $918,200 and typical rent is $1,858 a month. Compared with all of San Luis Obispo County, the typical home value is 11% higher and typical rent is 7% lower.
Typical home value from Zillow, September 2021 to September 2026: from $831,619 to $935,118.
From Zillow (ZHVI), September 2026. The Census figures above are 5-year averages (2020–2024).
Morro Bay is in San Luis Obispo County. The FHA loan limit ($1,000,500 for a one-unit home), the fair market rents and the help on this page are those of all of San Luis Obispo County. See the county
What this place has that others do not, from public data, most unusual first.
1
Nearby, in California Polytechnic State University, the typical home value is $564,700: 38% less than in Morro Bay ($918,200).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Morro Bay
What homes there are in Morro Bay, 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
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Morro Bay
San Luis Obispo County
California
United States
Kind of home: Morro Bay and its comparisons
Measure
Morro Bay
San Luis Obispo County
California
United States
Detached house
72%
68%
57%
61%
Attached house
6%
6%
7%
6%
Building of 2 to 4
8%
8%
8%
8%
Apartments (5 or more)
Unreliable estimate
10%
24%
19%
Mobile home
8%
8%
4%
6%
Boat, RV and other
Unreliable estimate
Unreliable estimate
0%
0%
The detached house rules in Morro Bay: 72% of homes, more than in San Luis Obispo County (68%).
Year built
Before 19601960–19791980–19992000–20092010 or later
Morro Bay
San Luis Obispo County
California
United States
Year built: Morro Bay and its comparisons
Measure
Morro Bay
San Luis Obispo County
California
United States
Before 1960
29%
16%
27%
26%
1960–1979
33%
28%
29%
24%
1980–1999
16%
32%
25%
25%
2000–2009
10%
16%
11%
14%
2010 or later
12%
9%
8%
11%
The typical home in Morro Bay was built in 1974, 9 years before the typical one in San Luis Obispo County.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Unreliable estimate
Under $100KUnreliable
$100K–$200KUnreliable
$200K–$300KUnreliable
$300K–$500KUnreliable
$500K–$750K15%
$750K–$1M32%
$1M or more40%
Value of owner-occupied homes: Morro Bay and its comparisons
Measure
Morro Bay
Under $100K
Unreliable estimate
$100K–$200K
Unreliable estimate
$200K–$300K
Unreliable estimate
$300K–$500K
Unreliable estimate
$500K–$750K
15%
$750K–$1M
32%
$1M or more
40%
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$999Unreliable
$1,000–$1,499Unreliable
$1,500–$1,99938%
$2,000–$2,49915%
$2,500–$2,999Unreliable
$3,000 or more17%
Monthly rent with utilities: Morro Bay and its comparisons
Measure
Morro Bay
Under $500
Unreliable estimate
$500–$999
Unreliable estimate
$1,000–$1,499
Unreliable estimate
$1,500–$1,999
38%
$2,000–$2,499
15%
$2,500–$2,999
Unreliable estimate
$3,000 or more
17%
With a mortgage
$3,015 a month
San Luis Obispo County: $2,887 a month
Without a mortgage
$834 a month
San Luis Obispo County: $849 a month
Owners with a mortgage
59%
San Luis Obispo County: 64%
In Morro Bay, 59% of owners have a mortgage; their typical cost is $3,015 a month, about the same as in San Luis Obispo County.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Morro Bay+51%
San Luis Obispo County+44%
California+46%
United States+53%
Typical rent
Morro Bay+19%
San Luis Obispo County+35%
California+36%
United States+33%
Typical household income
Morro Bay+40%
San Luis Obispo County+33%
California+32%
United States+29%
Change since 2015–2019: Morro Bay and its comparisons
Measure
Morro Bay
San Luis Obispo County
California
United States
Typical home value
+51%
+44%
+46%
+53%
Typical rent
+19%
+35%
+36%
+33%
Typical household income
+40%
+33%
+32%
+29%
From 2015–2019 to 2020–2024, the typical home value in Morro Bay rose 51%; in San Luis Obispo County, it rose 44%.
Since 2015–2019, the typical rent in Morro Bay rose 19%, less than in San Luis Obispo County (35%).
To compare: typical income in Morro Bay rose 40%; the home, +51%; the rent, +19%.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Morro Bay and its comparisons
Measure
Morro Bay
San Luis Obispo County
California
United States
Rental vacancy
Unreliable estimate
4.6%
4.2%
5.5%
Homeowner vacancy
Unreliable estimate
2.0%
0.8%
0.9%
More than one person per room
Unreliable estimate
4.1%
8.2%
3.4%
People per household
2.06
2.43
2.84
2.53
Drive alone
69%
71%
66%
69%
Carpool
Unreliable estimate
8%
10%
9%
Public transit
Unreliable estimate
1%
3%
3%
Walk or bike
Unreliable estimate
5%
3%
3%
Work from home
22%
15%
17%
15%
Other means
Unreliable estimate
1%
2%
2%
Typical commute
Unreliable estimate
10 to 19 minutes
20 to 29 minutes
20 to 29 minutes
Fewer people live in each home here: 2.06 on average, against 2.43 in San Luis Obispo County.
Many people here do not commute at all: 22% work from home; in San Luis Obispo County, 15%.
Do the math
What would you pay each month for a home in Morro Bay?
A typical home costs more than the typical income allows
We start with a typical home in Morro Bay, worth $918,200, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 94% of the typical household income in Morro Bay, which is $95,843 a year. For that payment to be 28% of income, a household would need to earn about $323,197 a year.
The calculator's FHA and conventional loan limits are those of all of San Luis Obispo County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Morro Bay. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $32,137 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$7,541
at 7.18% · 30 years
Loan amount
$901,569
Total interest
$1,297,146
Paid off in
November 2056
Includes $15,506 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $2,236 a month
Tight
$2,236 to $2,875 a month
Hard
more than $2,875 a month
Your payment · 94%
Compared with the typical household income in Morro Bay ($95,843 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$6,108
Property tax
$497
Home insurance
$383
FHA mortgage insurance (MIP)
$554
You need at least $32,137 for the down payment, plus closing costs.
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.
Total monthly payment $7,541; principal and interest $6,108.
The city and its county
Morro Bay and San Luis Obispo County
Morro Bay is in San Luis Obispo 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).
Morro Bay
Map of San Luis Obispo County, California, with Morro Bay marked. Around it, the neighboring counties.
Morro Bay
San Luis Obispo County
Other cities with a page
Morro Bay's own numbers
Typical home value
$918,200
Typical monthly rent
$1,858
Typical yearly household income
$95,843
Households that own their home
65%
Effective property tax rate
0.65%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of San Luis Obispo County
FHA limit, one-unit home
$1,000,500
Conventional limit, one unit
$1,000,500
HUD fair market rent, 2 bedrooms
$2,720
Price change over 5 years (FHFA)
+48%
Homes in a high flood-risk zone
2.7%
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 San Luis Obispo County.
A typical home in Morro Bay is worth $918,200: 11% above the county and 25% above California. With the typical household income in Morro Bay ($95,843 a year), a typical home costs 9.6 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.
Morro Bay9.6 years
San Luis Obispo8.5 years
California7.4 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in San Luis Obispo County
According to FHFA’s house price index, home prices in San Luis Obispo County rose 85% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of San Luis Obispo County.
Yearly change in FHFA’s price index in San Luis Obispo County, 2016 to 2025
2016: +8.0% +8.0% 2016
2017: +5.4% +5.4% 2017
2018: +4.9% +4.9% 2018
2019: +3.3% +3.3% 2019
2020: +1.7% +1.7% 2020
2021: +10.8% +10.8% 2021
2022: +15.9% +15.9% 2022
2023: +7.7% +7.7% 2023
2024: +3.4% +3.4% 2024
2025: +3.3% +3.3% 2025
Change in FHFA’s price index in San Luis Obispo County, California and the United States
Period
County
California
U.S.
Last year (2025)
+3.3%
+0.8%
+2.9%
5 years (2020–2025)
+48%
+40%
+47%
10 years (2015–2025)
+85%
+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
Morro Bay next to San Luis Obispo 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
Morro Bay$918,200
San Luis Obispo$824,700
California$734,700
United States$332,700
Typical monthly rent
Morro Bay$1,858
San Luis Obispo$1,992
California$2,036
United States$1,413
Typical yearly household income
Morro Bay$95,843
San Luis Obispo$97,446
California$99,122
United States$80,734
See the full table
Morro Bay next to San Luis Obispo County and California
Measure
Morro Bay
San Luis Obispo County
California
U.S.
Typical home value
$918,200 ▲11% above the county
$824,700
$734,700
$332,700
Typical monthly rent
$1,858 ▼7% below the county
$1,992
$2,036
$1,413
Typical yearly household income
$95,843
$97,446
$99,122
$80,734
Households that own their home
65% ▲3 points above the county
62%
56%
65%
Typical yearly property tax
$5,999 ▲6% above the county
$5,636
$5,124
$3,119
Effective property tax rate
0.65% ▼0.03 points below the county
0.68%
0.7%
0.94%
Renters with high rent for their income
50% ▼8 points below the county
58%
55%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below San Luis Obispo 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 Morro Bay
For a typical $918,200 home in Morro Bay, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Morro Bay's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$7,541a month
Least cash to close
Down payment
$32,137
Cash to close
$59,683
Rate
7.18%
Mortgage insurance
FHA MIP · $554
Conventional, 5% down$7,225a month
Down payment
$45,910
Cash to close
$73,456
Rate
7.18%
Mortgage insurance
PMI · $436
Conventional, 20% down, no PMI$5,856a month
Down payment
$183,640
Cash to close
$211,186
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$6,705a month
Down payment
$137,730
Cash to close
$165,276
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Morro Bay
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$7,541
$32,137
$901,569
7.18%
FHA MIP · $554
$59,683
580
Conventional, 5% down
$7,225
$45,910
$872,290
7.18%
PMI · $436
$73,456
620*
Conventional, 20% down, no PMI
$5,856
$183,640
$734,560
7.18%
None
$211,186
620*
ITIN, 15% down (example)
$6,705
$137,730
$780,470
8.18%
None
$165,276
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
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.
Typical rent in Morro Bay is $1,858 a month: 7% below the county. In Morro Bay, 50% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of San Luis Obispo County, by unit size. To pay the 2-bedroom one ($2,720 a month) without spending more than 30% of your income, you would need to earn $52.31 an hour working full time.
HUD fair market rent for all of San Luis Obispo County
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in San Luis Obispo County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,894
$36.42
$75,760
1 bedroom
$2,079
$39.98
$83,160
2 bedrooms
$2,720
$52.31
$108,800
3 bedrooms
$3,634
$69.88
$145,360
4 bedrooms
$4,208
$80.92
$168,320
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 Morro Bay
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Morro Bay is in ZIP code 93442.
For 2 bedrooms it is $2,580: $140 less than the fair market rent for San Luis Obispo County ($2,720).
Fair market rent by ZIP code and size in Morro Bay, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
93442
$1,800
$1,970
$2,580
$3,450
$3,990
ZIP code2 bd3 bd
93442 $2,580$3,450
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Morro Bay 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 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
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 San Luis Obispo County. The nearest ones are below; many serve by phone or online.
No down payment, repair or rent-help program on our list is for Morro Bay or San Luis Obispo County. The ones below are statewide in California: they work in Morro Bay the same as in the rest of the state.
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).
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).
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).
No legal help resource on our list is for Morro Bay or San Luis Obispo County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
These cities are also in San Luis Obispo County. They share its loan limits and fair market rents, but home values and rent change from one to the next.
Short answers with the numbers for Morro Bay and all of San Luis Obispo 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 Morro Bay?
The typical home value in Morro Bay is $918,200, according to the U.S. Census Bureau (average 2020–2024). For comparison, in San Luis Obispo County it is $824,700.
How much does it cost to rent in Morro Bay?
Typical rent in Morro Bay is $1,858 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in San Luis Obispo County is $2,720.
What is the FHA loan limit in Morro Bay?
Morro Bay uses the FHA limit for all of San Luis Obispo County (2026): $1,000,500 for a one-unit home and $1,924,100 for a four-unit home.
How much property tax do owners pay in Morro Bay?
The typical homeowner in Morro Bay pays $5,999 a year, according to the U.S. Census Bureau. That is 0.65% of the home’s value; in San Luis Obispo County, the rate is 0.68%.
Where can I find free help to buy or rent in Morro Bay?
We found no HUD-approved counseling agencies with an office in San Luis Obispo County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.
