Milpitas, CA 95035 - Home Prices, Rental Trends, Listings & Demographics | Prop:Metrics

Milpitas, CA—95035

Real Estate Data & Market Trends

Key Metrics at a Glance

Median Home Value

$1,471,000

2.9% YoY Growth

Household Income

$177,000

41.3% YoY Growth

Days on Market

3.0% Shorter YoY

Home Price Forecast

-1.8%

Median Rent

$3,600

9.8% YoY Growth

1-Bed Rent

$2,880

0.4% YoY Growth

2-Bed Rent

$3,720

2.0% YoY Growth

3-Bed Rent

$4,000

1.0% YoY Growth

Home Price Trends — Milpitas, CA

As of May '26, the median home price in Milpitas, CA is $1,471,000, 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 -1.8%, suggesting a decrease housing market in the next year.

Cost per Home Type

Home Type	Median Home Value	YoY % Change
All Homes	$1,471,000	-2.9%
Single Family	$1,575,000	-2.2%
Condos	$918,000	-4.2%

Cost per Home Size

Home Size	Median Home Value	YoY % Change
1 Bed

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

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% of Rental Stock

Studio

9.4%

1 Bedroom

19.9%

2 Bedrooms

33.0%

3 Bedrooms

29.1%

4 Bedrooms

8.3%

5+ Bedrooms

0.2%

Property Listings — Milpitas, CA

As of May '26, Realtor.com reports that the median days on market for a home in Milpitas, CA is 25. This is a decrease of -3.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 17.0%, representing a small inventory and little supply pressure on home prices.

Metric	Zip Code Average	Year over Year % Change
Median Listing Price	$1,150,000	-10.0%
Listing Count	116	-2.0%
Listings as % of Homes	0.2%	-2.0%
Days on Market	25	-3.0%

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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%

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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%

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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%

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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

Milpitas, CA—95035

Key Metrics at a Glance

Home Price Trends — Milpitas, CA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Milpitas, CA

% of Rental Stock

Property Listings — Milpitas, CA

Demographics — Milpitas, CA

Race and Ethnicity

Mortgage and Risk — Milpitas, CA

Mortgages

Rentals and Section 8 — Milpitas, CA

Section 8 Market Size

Section 8 Opportunity

Affordability — Milpitas, CA

Home Price to Income Ratio

Milpitas, CA — ZIP Code Boundary Map

Nearby ZIP Codes

North Valley, San Jose, CA

North San Jose, San Jose, CA

Berryessa, San Jose, CA

Fremont, CA

Berryessa, San Jose, CA

Frequently Asked Questions

Metric	Zip Code Average
Home Price to Income Ratio	7.5
Median Home Price	$1,471,000
Median Household Income	$177,000

Milpitas, CA—95035

Key Metrics at a Glance

Home Price Trends — Milpitas, CA

Cost per Home Type

Cost per Home Size

% of Housing Stock

Rental Trends — Milpitas, CA

% of Rental Stock

Property Listings — Milpitas, CA

Demographics — Milpitas, CA

Race and Ethnicity

Mortgage and Risk — Milpitas, CA

Mortgages

Rentals and Section 8 — Milpitas, CA

Section 8 Market Size

Section 8 Opportunity

Affordability — Milpitas, CA

Home Price to Income Ratio

Milpitas, CA — ZIP Code Boundary Map

Nearby ZIP Codes

North Valley, San Jose, CA

North San Jose, San Jose, CA

Berryessa, San Jose, CA

Fremont, CA

Berryessa, San Jose, CA

Frequently Asked Questions

What is the average home price in Milpitas, CA 95035?

How have home prices in Milpitas, CA 95035 changed over the past year?

What is the home price projection for Milpitas, CA 95035?

What are the demographics of Milpitas, CA 95035?

How long does it take homes to sell in Milpitas, CA 95035?

What is the average rent price in Milpitas, CA 95035?