Milpitas, CA—95035
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Milpitas, CA
As of Oct '25, the median home price in Milpitas, CA is $1,425,000, with a year-over-year change of -2.9%. This indicates that home prices in Milpitas, CA are decreasing. According to Zillow, the 1-year price projection is 0.8%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $1,425,000 | -2.9% |
| Single Family | $1,517,000 | -3.0% |
| Condos | $915,000 | -4.4% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $612,000 | -6.3% |
2 Bed | $869,000 | -4.9% |
3 Bed | $1,344,000 | -3.2% |
4 Bed | $1,746,000 | -2.7% |
| 5 Bed | $1,869,000 | -1.9% |
% of Housing Stock
Rental Trends — Milpitas, CA
As of July '25, Rentcast reports the average rent in Milpitas, CA is $3,500, with a year-over-year rent change of -9.8%. Per bedroom, the median rent as of July '25 in Milpitas, CA is studios: $2,530, 1-bedrooms: $2,750, 2-bedrooms: $3,560, 3-bedrooms: $4,130, 4-bedrooms: $4,800. The most common rental property sizes in Milpitas, CA are 2-bedroom and 3-bedroom, accounting for 33.0% and 29.1% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $3,600 | $3,500 |
| Studio Rent | $2,650 | $2,530 |
| 1 Bed Rent | $2,880 | $2,750 |
| 2 Bed Rent | $3,720 | $3,560 |
| 3 Bed Rent | $4,000 | $4,130 |
| 4 Bed Rent | $4,700 | $4,800 |
% of Rental Stock
Property Listings — Milpitas, CA
As of Oct '25, Realtor.com reports that the median days on market for a home in Milpitas, CA is 36. This is a increase of 21.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 11.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $1,200,000 | -3.0% |
Listing Count | 95 | -5.0% |
| Listings as % of Homes | 0.2% | -5.0% |
Days on Market | 36 | 21.0% |
Demographics — Milpitas, CA
As of the latest ACS Survey released in 2023, Milpitas, CA has a population of 78,500, which has increased by 1.2% over the past 5 years. Milpitas, CA is a moderately popular place for families, as children make up 19.9% of the population. The area has a highly educated workforce, with 58.6% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 22.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 78,500 | 1.2% |
% Under 18 | 19.9% | -10.0% |
% Seniors | 13.2% | 10.0% |
% WFH | 22.4% | 558.8% |
% w/ College Degree | 58.6% | 22.6% |
As of the latest ACS Survey released in 2023, Milpitas, CA is a predominantly asian area, with 71.8% of the population identifying as asian. The asian population has grown by 7.2% in the last 5 years. The second most common race or ethnicity in Milpitas, CA is hispanic, making up 13.4% of the population. Foreign-born residents account for 54.3% of the population in Milpitas, CA, and this percentage has increased by 3.6% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 9.7% | -11.8% |
% Black | 2.0% | -35.5% |
% Hispanic | 13.4% | -10.1% |
% Asian | 71.8% | 7.2% |
% Foreign Born | 54.3% | 3.6% |
Mortgage and Risk — Milpitas, CA
According to HUD data as of 2023, there were 478 mortgage originations in Milpitas, CA, of which 98.0% of loans were conventional mortgages. The average loan-to-value was 59.0%, with 3.0% above 90% LTV (normal). This implies small mortgage risk in Milpitas, CA. Investor activity is low, as 2.0% of loans were by investors. 5.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 478 |
% Conventional Loans | 98.0% |
% Government Loans | 2.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 5.0% |
Loan Activity
Rentals and Section 8 — Milpitas, CA
As of 2024, the percent of homes in Milpitas, CA under the Section 8 program is 9.1%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom and 3-bedroom and 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Milpitas, CA, because HUD payments exceed market rent, while 2-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 936 |
Total Units Section 8 | 914 |
% Rentals under Section 8 | 9.1% |
% Occupied Section 8 | 92.7% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $140 | $2,880 | $3,020 |
| 2 Bedroom | -$220 | $3,720 | $3,500 |
| 3 Bedroom | $550 | $4,000 | $4,550 |
| 4 Bedroom | $250 | $4,700 | $4,950 |
Affordability — Milpitas, CA
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 7.2 |
| Median Home Price | $1,425,000 |
| Median Household Income | $177,000 |