Menifee, California Real Estate & Housing Market

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Menifee Housing Information

Index	Menifee	California	National
Median home price	$244,700	$409,300	$184,700
Median rent asked	$1,337	$1,297	$949
Avg. people per household	3.0	3.0	2.6
Owner occupied households	73.6%	54.1%	63.6%
Renter occupied households	26.4%	45.9%	36.4%

A general summary of the real estate market in Menifee, CA is listed above. Properties in Menifee, CA average a cost of $244,700, which is 40% lower than the median home price for real estate located in California. This means that the region of Menifee, CA is, on average, more affordable when compared to the remainder of California. Since tenants living in Menifee, CA will pay an average of $1,337, the median rental cost is 3% higher than in California. 73.6% of people in Menifee, CA own their own homes, and an average of 3.0 people inhabit each property. Menifee, CA has many assorted real estate listings available. These range from urban townhouses to inexpensive condos to luxurious residences. We make finding homes for sale and browsing real estate listings effortless. Simply use the search function above, and obtain filtered results according to price, location, bathrooms and bedrooms.

Menifee Home Affordability

When starting your search for real estate in Menifee, CA, it is crucial to consider home affordability. When calculating home affordability, the ratio of home price to median household income is one of the methods that is applicable in doing so. On average, a home in Menifee, CA costs $244,700 while each household has an average income of $57,598. Consequently, the ratio of home price to household income is 4.2x; this ratio is 34% lower than the average in California. Calculating the home affordability ratio involves dividing the average price of a home by the average income of homes in Menifee, CA. When the ratio of home price to income is relatively low, the implication is that homes are more affordable on the basis of the home price in comparison with the home income. Note that besides home price to median household income ratio, there are various other factors to put into consideration when determining if home affordability exists. Check the home affordability calculator shown below to calculate how much you can afford to pay for real estate in Menifee, CA.

Nearby cities with low home prices

City, State	Population	Home Price	National Avg.
Homeland, CA	6,628	$77,800	58%
Winchester, CA	2,407	$110,600	40%
Meadowbrook, CA	2,782	$138,900	25%
Hemet, CA	82,748	$139,400	25%
Green Acres, CA	2,560	$141,300	23%
Menifee, CA	84,978	$244,700	32%

Cities with similar population

City, State	Population	Home Price	National Avg.
Ogden, UT	84,900	$133,300	28%
Bloomington, MN	85,080	$221,900	20%
Alhambra, CA	84,866	$518,800	181%
Champaign, IL	84,672	$152,000	18%
Riverview, FL	84,590	$166,400	10%
Menifee, CA	84,978	$244,700	32%

Source: The Menifee, CA housing data displayed above is derived from the 2016 United States Census Bureau American Community Survey (ACS).