City Report · CA

Milpitas

Pop. 78,578·63rd most expensive in California·Milpitas rents are up 9.5% over the past year

Median rent (all units)

$3,702/mo

Year-over-Year

+9.5%

Month-over-Month

+1.2%

vs US Median

+$1,754

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

Milpitas · $3,702

More expensive than 97% of US cities · National median $1,948/mo

Rent Reality Score

37/100

Overpriced

OverheatedFairGreat value

Rents are 6% above what Milpitas's 10-year trend predicts — running hotter than its own history.

Actual rent

$3,702/mo

Expected by trend

$3,479/mo

The Rent Reality Score compares today's median rent to where Milpitas's own long-run trajectory projects it should be. See the full rankings →

Medians by bedroom

Rent by unit size

Studio

$2,650

1 BR

$3,020

2 BR

$3,500

3 BR

$4,550

4 BR+

$4,950

Fair Market Rent (HUD)

$3,500/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $3,702 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: September 25, 2026

From the history

What the numbers show

Cheapest month to sign

December. Asking rents in Milpitas usually run 1% below trend in December and 1.2% above it in August, about $81 a month apart at today's median. Based on 10 years of data.

Compared with the peak

Rent in Milpitas is at its highest level since Zillow's records here began in June 2016.

Past year vs. the rest of California

Rent in Milpitas changed +9.5% over the year to August 2026. Across the 336 California cities Zillow tracks, the typical change was +3.3%.

Rent vs. income since 2019

From 2019 to 2024, rent in Milpitas rose 14.5% while median household income rose 35.1% ($132,320 to $178,798). Income kept ahead of rent.

Since before the pandemic

Rent in Milpitas is 26.4% higher than in March 2020. Across the US, rent is up 36.8% over the same stretch.

Recent direction

Rent has risen 13 months in a row, and rose in 12 of the last 12 months.

What a typical income covers

30% of the median household income ($178,798) is $4,470 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($3,500); a 3-bedroom is $4,550.

Cheaper nearby

Union City, 14 miles away, rents for 20% less ($2,945/mo), about $9,100 a year in savings.

From Zillow's monthly rent index (ZORI) for Milpitas. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$44,424/yr

At $3,702/mo median

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 9.5% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+9.5% YoY, +1.2% MoM), not inventory.

Rent check

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Compare your rent to the local median.

Demographics

Who lives here

Milpitas, CA is majority owner-occupied, has a median income above the national average, 58.2% of residents hold a bachelor's degree or higher.

Population

78,578

Median income

$178,798

Median age

36.8

Renters

41.6%

Age distribution

20.3%

26%

28.3%

13.9%

Under 1820.3%

18–3426%

35–5428.3%

55–6411.6%

65+13.9%

Gender

52.3%

47.7%

Male52.3%

Female47.7%

Race & ethnicity

13.4%

72.1%

White11.4%

Black1.9%

Hispanic13.4%

Asian72.1%

Other1.3%

Education (25+)

13%

17.7%

58.2%

No HS diploma11.1%

HS diploma13%

Some college17.7%

Bachelor's+58.2%

Housing tenure

58.4%

41.6%

Owner58.4%

Renter41.6%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Milpitas, CA has changed in 5 years

Rent

$2,826 → $3,702

up 31.0%

Income

$149,312 → $178,798

up 19.7%

Population

79,593 → 78,578

down 1.3%

Renter share

36.9% → 41.6%

+4.7 pts

Bachelor's+

53.6% → 58.2%

+4.6 pts

Median age

35.8 → 36.8

+1.0 yrs

Across the past five years, the going rent in Milpitas, CA has shifted from $2,826 to $3,702, up 31.0% since 2021. Median household income climbed from $149,312 to $178,798 between 2021 and 2024, a 19.7% shift. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show Milpitas, CA losing about 1,015 residents over the five-year window, down 1.3% on net. The renter share has risen from 36.9% to 41.6%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 53.6% to 58.2% across the same window. Taken together, the five-year picture in Milpitas, CA reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

Community

Discussions about Milpitas

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View Milpitas rent history (2015–2026) →

Salary vs rent

Can you afford rent in Milpitas on your salary?

At $3,702/mo, how Milpitas rent compares to typical pay (30% rule).

Registered Nurse

Avg $111,486/yr · Rent = 39.8% income

stretched

Elementary School Teacher

Avg $79,154/yr · Rent = 56.1% income

severely rent-burdened

Police Officer

Avg $91,179/yr · Rent = 48.7% income

rent-burdened

Software Developer

Avg $162,970/yr · Rent = 27.3% income

affordable

Lawyer

Avg $208,235/yr · Rent = 21.3% income

affordable

Firefighter

Avg $74,116/yr · Rent = 59.9% income

severely rent-burdened

Truck Driver

Avg $66,918/yr · Rent = 66.4% income

severely rent-burdened

Electrician

Avg $82,482/yr · Rent = 53.9% income

severely rent-burdened

By apartment size

Milpitas rent by bedroom count

Median rent for each apartment size in Milpitas. Click any size for full breakdown.

Local insights

Tips for renters in Milpitas

About renting in Milpitas, CA

Last updated: September 25, 2026

The median rent in Milpitas is $3,702/mo as of September 2026. A studio apartment averages $2,650/mo while a 2-bedroom runs $3,500/mo. One-bedroom apartments average $3,020/mo and 3-bedroom units go for $4,550/mo.

At 25% of local median household income ($178,798/yr), Milpitas ranks as affordable compared to the national benchmark of 30%. Rents have increased 9.5% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in Milpitas?

To keep rent at or below 30% of gross income, you would need to earn at least $148,000/year (about $71/hour full-time) to afford the median rent of $3,702/mo in Milpitas. The local median household income is $178,798/yr, so the typical household meets that bar.

Is rent going up or down in Milpitas?

Rent in Milpitas has risen 9.5% over the past year as of August 2026. That is the highest level since Zillow's records here began in June 2016.

When is the cheapest time to rent in Milpitas?

Asking rents in Milpitas are usually lowest in December, about 1% below their yearly trend, and highest in August, about 1.2% above it. At today's median that is a gap of roughly $81 a month. This pattern comes from 10 years of Zillow rent data.

Has rent outpaced income in Milpitas?

No. From 2019 to 2024, rent in Milpitas rose 14.5% while median household income rose 35.1%, from $132,320 to $178,798. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does Milpitas rent compare to other cities in California?

Milpitas is one of the pricier among California cities for rent, ranking #63 of 383 tracked cities at $3,702/mo. Over the year to August 2026, rent in Milpitas changed +9.5%, against a typical +3.3% across the 336 California cities Zillow tracks.