Monterey Real Estate Market
 | | Map of Monterey Peninsula, California | | | This is an overview of the Monterey real estate market. It is intended as a resource for investors and other home buyers when researching Monterey homes for sale. Especially if you are intending to be a landlord, it is important to know about what rents people can afford, where they want to live and where the jobs are. DISCLAIMER
The information is compiled from multiple sources but we cannot guarantee their accuracy. It will be updated every 3 months, however, some of the sources drawn from may be a few years older. Last updated 3/13/10 OVERVIEW
Monterey is located on the California Central Coast on what is called the Monterey Peninsula in Monterey County. The area code is 831 and the zip codes include 93940, 93942, 93943 and 93944. Population ranges around 29000. (This doesn't count undocumented workers in the area). The city was founded in 1770 and incorporated in 1850.
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MEDIAN HOME PRICE
The median sale price for homes in the Monterey region is around $424,000 according to Zillow and $380,000 according to Cyberhomes. PROPERTY TAXES FOR MONTEREY REAL ESTATE
$3923 for a median home. RENTS
36% of the rents are between $750 and $1000. Another 18% are between $500 and $750. The median gross rent is $1214. MEDIAN HOUSEHOLD INCOME
$80,000 COST OF LIVING
The Monterey cost of living is considerably higher than the rest of the country. THE PEOPLE
Most of the people who live here are either college educated in mid management positions, part of the military, or retired seniors. About 15% of the people are married with children. Another 6% are single with children. 45% are married and 12% are divorced. About 18.7% of people are foreign born. Ethnic makeup is approximately 75% white, 2.5% black, 12% hispanic (of any race), 8% Asian and 4% other. Most of the ancestries are German, English, Irish and Italian. Of the 18% foreign born residents, they are 6.4% from Asia, 5.8% from Europe, and 4.4% from Latin America. EDUCATION
91% of people have a high school degree or higher, while 18% have a graduate or professional degree. RENTERS VS. HOMEOWNERS
Monterey real estate consists of around 58% renters with 9% of homes vacant. THE HOUSES
The majority were built from 1960-1980, with the next largest group built from 1940-1960, and the third largest group built in the 1980's. Only 1% of houses were built in the last 10 years. Three fourths of homes use gas utility, while the rest use electric. JOBS
The unemployment rate is 16.6% as of February 2010. This is much higher than the norm due to the economy. The main industries are tourism and the military. COMMUTING
The majority of commuters take 10-20 minutes to get to their job, with about a third overall taking under 10 minutes. The average for everyone is around 16 minutes. THE WEATHER
The average year round temperature is 57 degrees Fahrenheit with about 19 inches of rain annually. Summers rarely get over 68 degrees, and winters rarely get below 43 degrees. You can expect about 267 sunny days per year. CRIME
Both violent and property crime are on a par with the U.S. average, neither higher nor lower.
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