The median Bay Area household paid $2,640 per month for housing in 2024
The median Bay Area owner household paid $2,875 per month for housing in 2024
The median Bay Area renter household paid $2,500 per month for housing in 2024
Introduction
How much are Bay Area households paying for housing?
Housing is usually the biggest expense for most households, especially in high-cost areas like the Bay Area. Housing costs depend on both demand and supply. Demand is affected by population growth, income levels and whether people choose to rent or buy. Supply depends on the availability and quality of housing. Housing costs tend to be lower for long-term current owners and renters, as payments stay stable or rent increases are limited.
Regional Performance
Housing costs for owners and renters are converging in the Bay Area.
Broadly speaking, inflation-adjusted median housing costs for owner households peaked around 2007 during the housing bubble, then declined between 2007 and 2014 as home prices fell and many owners refinanced to lower mortgage rates during the Great Recession. Since 2014, owner housing costs have remained relatively flat. In contrast, inflation-adjusted median housing costs for renter households were relatively stable from 2005 to about 2012, then rose steadily through 2020 before leveling off between 2020 and 2024.
These diverging trends have significantly narrowed the gap between owner and renter housing costs. Between 2010 and 2024, housing costs increased for renters and decreased for homeowners across all counties in the region. In 2024, median housing costs for owner households were just 15% higher than those for renter households, down from 42% greater in 2013 and 85% greater in 2007.
Monthly housing costs for Bay Area owner households fell by 16% from 2010 to 2024, from $3,433 to $2,875
Monthly housing costs for Bay Area renter households rose by 23% from 2010 to 2024, from $2,037 to $2,500
Historical Trend for Median Housing Costs
Regional Distribution
Housing costs are shaped by move-in dates.
Housing costs vary substantially based on when households entered the market and how long they have remained in their homes. Long-term homeowners and renters generally pay much lower housing costs than newer residents. This may be due to the difference in market conditions at the time of purchase or move-in, compared to market conditions today. Additionally, housing policies tend to favor those who have been in their homes longer, regardless of what current market prices are for a home today.
These cost differences by length of residence vary widely across the region. In 2024, Santa Clara County had the largest gap among owner households, with median monthly costs ranging from $1,315 for households in their homes 30 years or more to $6,408 per month for those who moved in within the past two years (in 2022 or 2023). San Francisco County had the widest gap among renter households, with median costs ranging from $1,350 per month for long-term renters to $3,100 per month for recent movers.
In 2024, homeowners who moved in within the past 2 years paid 3.4x more per month than 30+ year homeowners ($4,775 vs. $1,387)
In 2024, renters who moved in within the past 2 years paid 2.0x more per month than 30+ year renters ($2,750 vs. $1,400)
Median Housing Costs by Length of Occupancy
Local Focus
Owner costs are falling while renter costs are rising across the region.
Since 2010, inflation-adjusted housing costs have generally declined for homeowners while rising substantially for renters across the Bay Area, though the scale of change varies widely across the region. At the city level, Cupertino experienced one of the largest absolute decreases in owner housing costs, falling by $1,266 from $4,505 to $3,239 per month between 2010 and 2024. At the county level, San Mateo County saw the largest decrease, with median owner costs falling by $707, from $3,915 to $3,208 per month.
Renters saw the opposite trend. Millbrae experienced one of the largest absolute increases in renter housing costs at the city level, rising by $1,077 from $2,195 to $3,272 per month between 2010 and 2024. Among counties, Napa County recorded the largest increase, with inflation-adjusted monthly median housing renter costs climbing by $896, from $1,812 to $2,708.
Between 2010 and 2024, Half Moon Bay had the largest change in housing costs for owners, increasing by $432 ($3,324 to $3,756) per month
Between 2010 and 2024, Millbrae had the largest change in housing costs for renters, increasing by $1,077 ($2,195 to $3,272) per month
Median Housing Costs by Neighborhood (2024)
Sources & Methodology
Housing costs refer to the cost of occupying a housing unit. For renters, housing costs include contract rent and utilities; for owners, they include mortgage payments, insurance, property taxes, condo fees and utilities. Data on housing costs – what Bay Area residents are actually paying to live here – differs from asking rents (advertised rents for available apartments and houses, which are usually higher than what existing renters are paying) and home values (what properties might cost if they were sold today).
Housing costs for the region and counties are from American Community Survey (ACS) Public Use Microdata Sample (PUMS) data (2005-2024), while data for jurisdictions and census tracts come from ACS 5-year estimates because Public Use Microdata Areas (PUMAs) are larger than jurisdictions and tracts. ACS data break down housing costs and household count information by tenure (owner or renter) and duration of occupancy, enabling comparisons of housing costs, as well as other important factors like homeownership rates and trends.
Costs have been adjusted for inflation to 2024 dollars using Consumer Price Index (CPI) data for the San Francisco-Oakland-Hayward Metropolitan Statistical Area (MSA).
The Census Bureau top-codes median housing costs (replacing all values above a given threshold with a single “at or above threshold” category) for privacy preservation reasons. Renter housing costs for renters are top-coded above $2,000 between 2009 and 2014, and above $3,500 from 2015 onward. Housing costs for owners and for all households are top-coded above $4,000 for all years. Note that because historic housing costs are adjusted for inflation, some reported non-top-coded housing costs in previous years may exceed these limits. Note also that smaller geographies (jurisdictions and tracts) with top-coded values for some years are excluded from comparisons across those years on this page. This is because it is impossible to know exactly how housing costs changed in jurisdictions where one or both years’ median housing costs were top-coded.
U.S. Census Bureau: Public Use Microdata Sample (PUMS)
2005-2024
U.S. Census Bureau: American Community Survey
Table B25064 (2009–2024; median gross rent (dollars))
Table B25088 (2009–2024; median selected owner costs (dollars) by mortgage status)
Table B25105 (2010–2024; median monthly housing costs (dollars))
Bureau of Labor Statistics: Consumer Price Index
1990-2024