Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 58,554, 20,416 total housing units (homes and apartments), and a median house value of $998,559, real estate costs in Monterey Park are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive California communities.
Single-family detached homes are the single most common housing type in Monterey Park, accounting for 57.09% of the city's housing units. Other types of housing that are prevalent in Monterey Park include large apartment complexes or high rise apartments ( 23.47%), row houses and other attached homes ( 10.24%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 9.03%).
The most prevalent building size and type in Monterey Park are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 50.20% owning and 49.80% renting.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Monterey Park's housing was primarily built during this period, from the '40s through the '60s. A full 56.88% of the city's housing hails from this era. Other housing ages represented in Monterey Park include homes built between 1970-1999 ( 30.22%) and housing constructed between 2000 and later ( 7.26%). There's also some housing in Monterey Park built before 1939 ( 5.64%).
Real estate appreciation rates in Monterey Park's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 6.00% during the period.
NeighborhoodScout's data show that during the latest twelve months, Monterey Park's appreciation rate, at 7.42%, has been at or slightly above the national average. In the latest quarter, Monterey Park's appreciation rate has been 2.09%, which annualizes to a rate of 8.62%.
Relative to California, our data show that Monterey Park's latest annual appreciation rate is higher than 60% of the other cities and towns in California.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Monterey Park differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Monterey Park - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Monterey Park real estate investment or home purchase decisions.
$998,559
for California
for nation
20,416
$3,031 / per month