San Luis Obispo-Paso Robles, CA
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
expensive
Price to income
8.32×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs California
- 5.95×
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
burdened
Rent to income
32.3%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs California
- 28.8%
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
2.52%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs California
- 3.10%
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.14%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs California
- -0.03%+0.17
- vs U.S.
- 0.03%+0.11
Benchmark
IRS net migration ÷ population
normal
Permit pipeline
2.39
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs California
- 2.39=
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
4.3%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs California
- 5.2%-0.9
- vs U.S.
- 3.9%
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+46.1%
homeValues.yearOverYear
+4.5%
Median home value
$777,200
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,914 | $22,968 | 24.6% |
| 2 BR | $2,512 | $30,144 | 32.3% |
| 3 BR | $3,370 | $40,440 | 43.3% |
Labor market direction
Unemployment
4.3%
Median household income
$93,398
What's being built
Total TTM
674
Single-family
622
2–4 unit
14
5+ unit
38
All 1 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| San Luis Obispo County | 281,712 | $777,200 | $93,398 | 674 | -0.7% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★San Luis Obispo | 281,712 | $93,398 | 8.32× | 2.52% | +46.1% | 2.39 | 4.3% |
| Olympia-Lacey-Tumwater, WA | 294,272 | $93,985 | — | — | +48.9% | — | 5.0% |
| Bremerton-Silverdale-Port Orchard, WA | 275,411 | $98,546 | — | — | +39.8% | — | 5.0% |
| Kennewick-Richland, WA | 304,252 | $85,881 | — | — | +43.4% | — | 5.8% |
| Norwich-New London, CT | 268,448 | $84,185 | — | — | +65.2% | — | 4.0% |
| Sioux Falls, SD | 277,944 | $81,418 | — | — | +48.0% | — | 2.3% |
Where people are moving in from
Net migration
+381
+0.14% of population
| Origin county | Tax returns |
|---|---|
| Santa Barbara County, CA | 811 |
| Los Angeles County, CA | 688 |
| Kern County, CA | 335 |
| Fresno County, CA | 300 |
| Orange County, CA | 285 |
| San Diego County, CA | 278 |
Who lives in San Luis Obispo
- Median age
- 40
- Bachelor's+
- 39.2%
- Owner-occupancy
- 61.9%
- Vacancy rate
- 12.8%
- Rent burdened (30%+)
- 54.2%
- Median household income
- $93,398
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.