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 10,757, 4,836 total housing units (homes and apartments), and a median house value of $824,027, real estate costs in Morro Bay 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 Morro Bay, accounting for 70.13% of the city's housing units. Other types of housing that are prevalent in Morro Bay include duplexes, homes converted to apartments or other small apartment buildings ( 10.11%), mobile homes or trailers ( 6.87%), and a few large apartment complexes or high rise apartments ( 6.85%).
People in Morro Bay primarily live in small (one, two or no bedroom) single-family detached homes. Morro Bay has a mixture of owner-occupied and renter-occupied housing.
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. Morro Bay's housing was primarily built during this period, from the '40s through the '60s. A full 43.43% of the city's housing hails from this era. Other housing ages represented in Morro Bay include homes built between 1970-1999 ( 38.48%) and housing constructed between 2000 and later ( 14.22%). There's also some housing in Morro Bay built before 1939 ( 3.87%).
Vacant housing appears to be an issue in Morro Bay. Fully 22.75% of the housing stock is classified as vacant. Left unchecked, vacant Morro Bay homes and apartments can be a drag on the real estate market, holding Morro Bay real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
In the last 10 years, Morro Bay has experienced some of the highest home appreciation rates of any community in the nation. Morro Bay real estate appreciated 110.21% over the last ten years, which is an average annual home appreciation rate of 7.71%, putting Morro Bay in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Morro Bay definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Morro Bay's appreciation rate, at 19.14%, has been at or slightly above the national average. In the latest quarter, Morro Bay's appreciation rate has been 8.05%, which annualizes to a rate of 36.31%.
Relative to California, our data show that Morro Bay's latest annual appreciation rate is lower than 60% of the other cities and towns in California.
Very High for Nation
High for CA