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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 $313,774, lower than the Texas average of $322,096.
The average cost of rent is $939/mo in Palo Alto, primarily driven by the current value of real estate in the Palo Alto area. In Palo Alto, 7.01% of households rent, and 74.92% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Palo Alto is $5,477 per month. Households that rent pay about 17.14% of their income on rent here. Palo Alto’s most expensive areas are in the southwestern regions, while the cheapest areas are in the central 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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Cities with Similar Populations
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