18 / 100

Monterey County, CA

RANK #813 / 996  ·  POP 437,609  ·  CA

PROJECTED GROWTH: -0.7%

Monterey County ranks in the bottom tier of U.S. counties on economic momentum.

[01] Why Monterey County?

Carmel-by-the-Sea, a notable town within Monterey County, offers a distinctive charm with its fairytale-like cottages and strict building codes that maintain its village aesthetic. Located on California's central coast, Monterey County is about a two-hour drive south of San Francisco and Silicon Valley. The community offers a relaxed atmosphere with a mild climate, making outdoor recreation a year-round possibility. Residents and visitors enjoy diverse natural scenery, from the rugged Big Sur coastline to the fertile Salinas Valley. Opportunities for outdoor activities include hiking in Pinnacles National Park or Fort Ord National Monument, biking along the Monterey Bay Coastal Recreation Trail, kayaking in the Monterey Bay National Marine Sanctuary, and golfing on courses like Pebble Beach.

Life in Monterey County blends coastal living with agricultural roots. While some residents commute to the Bay Area, particularly from towns like Salinas and Prunedale, many find work within the county. The economy is largely driven by its productive agricultural sector in the Salinas Valley and a robust tourism industry along the coast. Recent economic developments also show growth in specialized business services and technology, including an emerging robotics and drone sector, alongside continued investment in food and beverage manufacturing, particularly winemaking. The county also has a strong concentration of higher education and research institutions.

[02] Market Snapshot

Housing Ratio
10.1x

Overvalued relative to economy

GDP Growth
+2.0%

Below national median

Home Prices
-2.1%

Prices declining

Climate & Terrain
9.2

Favorable climate & terrain

Price/Rent
20x

Prices detached from rents

Housing looks overvalued at 10.1x — home prices are high relative to local economic output. Climate and geography support a structural premium. The typical U.S. county is 4–6x.

[03] Signal Profile

[04] Home Value Growth vs National

Monterey County U.S. National

The Numbers

DEMOGRAPHICS
Population
437,609
-0.31% YoY
Median Household Income
$91,043
Median Home Value
$683,700
-2.11% 12mo
Median Rent
$1,873
Average Annual Pay
$61,375
+3.1% YoY
Employment
200,244
+1.7% YoY
Income-to-Home-Value
0.1332
Less affordable than average
Migration Inflow
3.24%
of pop. from another state

Market Activity

REAL ESTATE
Median Sale Price
$837,500
Days on Market
44
Moderate pace
Months of Supply
3.0
Balanced market
Sale-to-List Ratio
98.4%
Near asking price
Sold Above List
23.3%
Listings w/ Price Drops
22.6%
Building Permits (2024)
677
Single-Family Permits
512

Source: Redfin · Census BPS — Browse sales on Redfin →

[05] Capital Investment

$2,495M
TOTAL
PROJECT AMOUNT STATUS
Holman Wind Project
$1,525M Planned
Moss Landing Energy Storage Facility (Phase III Expansion)
Vistra Corp.
$350M Operating
California Flats Solar Project
Capital Dynamics (originally First Solar)
$280M Operating
California Flats Battery Energy Storage System (BESS)
Apple Inc. / Tesla
$240M Operating
PG&E East Campus Gas Line Replacement Project
Pacific Gas and Electric Company (PG&E)
$50M Under Construction
Highway 156 & Castroville Blvd. Interchange Project
California Department of Transportation (Caltrans)
$50M Proposed

Source: public records, news, corporate announcements. Amounts are estimates where noted.

[06] Score Breakdown

GDP Growth +2.0% 36 percentile
Population Growth -0.3% 16 percentile
Income Growth +11.0% 90 percentile
Vacancy Rate 0.8% 79 percentile
Home Price Change -2.1% 14 percentile
Rent Growth +1.1% 21 percentile
Price/Rent 20x 8 percentile

Bars show percentile rank among all 996 counties.

[07] Frequently Asked Questions

Is Monterey County, CA a good place to move to?

Monterey County has a Boom Town Index score of 18/100, ranking #813 among 996 U.S. counties. With job growth at +1.7% and a median household income of $91,043, it faces some economic headwinds compared to faster-growing counties.

Is Monterey County affordable?

The median home value in Monterey County is $683,700 with median rent at $1,873/month. The income-to-home-value ratio is 0.1332, which is less affordable than the national average.

Is Monterey County growing or shrinking?

Population growth: -0.3% year-over-year. Job growth: +1.7%. Home values changed -2.1% in the past 12 months.

Are people moving to Monterey County?

Yes — 3.24% of Monterey County's population moved from another state, which is above the national average and indicates strong in-migration.

[08] Similar Metros

Kootenai County, ID 28 Knox County, TN 28 Coffee County, AL 28 Limestone County, AL 28 Hamilton County, TN 28 Doña Ana County, NM 28 Wood County, OH 28 Bulloch County, GA 28