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These days, finding an affordable place to live in the Palo Alto area can be challenging. Home prices in Palo Alto are now at a median cost of $1,927,751, higher than the California average of $812,006.
The average cost of rent is $3,187/mo in Palo Alto, primarily driven by the current value of real estate in the Palo Alto area. In Palo Alto, 45.48% of households rent, and 43.14% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Palo Alto is $17,665 per month. Households that rent pay about 18.04% of their income on rent here. Palo Alto’s most expensive areas are in the eastern regions, while the cheapest areas are in the western parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Stanford, CA: equally priced homes
- East Palo Alto, CA: less expensive homes
- Menlo Park, CA: less expensive homes
- Mountain View, CA: less expensive homes
- Atherton, CA: equally priced homes
- Los Altos Hills, CA: equally priced homes
- Los Altos, CA: equally priced homes
- North Fair Oaks, CA: less expensive homes
- Portola Valley, CA: equally priced homes
- Redwood City, CA: less expensive homes
Cities with Similar Populations
- Huntington, WV: less expensive homes
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- The Colony, TX: less expensive homes
- Kokomo, IN: less expensive homes
- Kingsport, TN: less expensive homes
- Hilliard, OH: less expensive homes
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