Morro Bay Real Estate
 | | Morro Bay, California, USA | | | This is an overview of the Morro Bay real estate market. It is intended as a resource for investors and other home buyers when researching Morro Bay 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
Morro Bay is located on the California central coast, 15 miles northwest of San Luis Obispo and on Highway 1, which leads up to Cambria and Big Sur. It's a small waterfront village, famous for the huge rock that sits in the water, just offshore. It does have a tourist trade, with souvenir shops, waterfront restaurants and a few small hotels and motels. The area code is 805 and the zip codes for Morro Bay real estate are 93442 and 93443. Morro Bay is in San Luis Obispo County. Population ranges around 10,000. The town covers 5.16 square miles, with around 2000 people per square mile. MEDIAN HOME PRICE
The median home sales price according to Zillow is $547,000, and $440,000 according to Cyberhomes. PROPERTY TAXES
$1635 for a median home. RENTS
The median rent is at $961, ranging from the low 700's to the 1200's. For a 3 bedroom house it seems to range from $1400-$2400. RENTERS VS. HOMEOWNERS
The houses are 35% rented and 45% owner-occupied, with about 22% sitting vacant. MEDIAN HOUSEHOLD INCOME
The median household income is $54,000, below state average. Per capita income is $27,300. COST OF LIVING
The cost of living in Morro Bay is higher than the national average. THE HOUSES
The majority of Morro Bay real estate homes were built in the 70's, with the next largest group built in the 40's and 50's. The third largest group were built in the 60's. 10% were built in the last 10 years. 80% of homes use gas utility, while 14% use electric. JOBS
The unemployment rate is at 10.3%. The main industries are sales and office, professional, and service. COMMUTING
The majority of commuters take 5-14 minutes to get to their job. The overall average commute time is 22 minutes. A large number also take 30-34 minutes to get to work. About 38% live and work in Morro Bay itself. THE PEOPLE
The population is mostly baby boomers. Compared to the rest of California, Morro Bay has an older median age, which is 48. About half of the people are married and 17% are divorced. Only about 16% have children living with them. The residents' ethnicities are made up of approximately 89% white, 13% hispanic (of any race), with all other groups being under 2%. Of the 7% foreign born residents, about half are from Latin America, with the next 2 largest groups being from Europe an Asia. EDUCATION
69% of people have a high school degree or higher, while 21% have a bachelor's degree or higher. THE WEATHER
The average temperature in July is 65 degrees and the average temperature in January is 42 degrees. You can expect about 284 sunny days per year and 17 inches of rainfall. CRIME
Crime is fairly low here.
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