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These days, finding an affordable place to live in the Downey area can be challenging. Home prices in Downey are now at a median cost of $807,556, lower than the California average of $812,006.
The average cost of rent is $2,036/mo in Downey, primarily driven by the current value of real estate in the Downey area. In Downey, 48.94% of households rent, and 30.10% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Downey is $8,193 per month. Households that rent pay about 24.85% of their income on rent here. Downey’s most expensive areas are in the eastern regions, while the cheapest areas are in the southern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
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