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City Report · CA

Morro Bay

Pop. 10,692·121st most expensive in California·Morro Bay rents are up 22.4% over the past year
Median rent (all units)
$3,166/mo
Year-over-Year
+22.4%
Month-over-Month
+4.7%
vs US Median
+$1,204
Rising (Monthly)
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Most AffordableMost Expensive
Morro Bay · $3,166
More expensive than 92% of US cities · National median $1,962/mo
Affordability
40% of income
MODERATE
0%30% benchmark60%+

At $3,166/mo, rent takes about 40% of the local median household income, slightly above the 30% benchmark.

Income to afford
$127,000/yr
Local median income
$95,843/yr
Based on the 30%-of-income rule using Morro Bay's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,630
1 BR
$1,810
2 BR
$2,380
3 BR
$3,180
4 BR+
$3,600
Fair Market Rent (HUD)
$2,380/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $3,166 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: August 17, 2026

Annual cost
$37,992/yr
At $3,166/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 22.4% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+22.4% YoY, +4.7% MoM), not inventory.
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Demographics

Who lives here

Morro Bay, CA is majority owner-occupied, has a large retiree population, has a median income above the national average, 48.5% of residents hold a bachelor's degree or higher.

Population
10,692
Median income
$95,843
Median age
54.3
Renters
34.6%
Age distribution
16.8%
21.9%
16.7%
32.6%
Under 1812%
18–3416.8%
35–5421.9%
55–6416.7%
65+32.6%
Gender
50.1%
49.9%
Male50.1%
Female49.9%
Race & ethnicity
80.3%
13.5%
White80.3%
Hispanic13.5%
Asian2.9%
Other2.8%
Education (25+)
12.1%
35.8%
48.5%
No HS diploma3.6%
HS diploma12.1%
Some college35.8%
Bachelor's+48.5%
Housing tenure
65.4%
34.6%
Owner65.4%
Renter34.6%

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

2021 vs 2026

How Morro Bay, CA has changed in 5 years

Income
$80,808 → $95,843
up 18.6%
Population
10,785 → 10,692
down 0.9%
Renter share
43.1% → 34.6%
-8.5 pts
Bachelor's+
42.8% → 48.5%
+5.7 pts
Median age
51.3 → 54.3
+3.0 yrs

On the earnings side, the typical household in Morro Bay, CA now reports about $95,843, up from $80,808 in 2021. About 34.6% of households rent today, against 43.1% in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 42.8% to 48.5%.

Community

Discussions about Morro Bay

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View Morro Bay rent history (2015–2026) →
Salary vs rent

Can you afford rent in Morro Bay on your salary?

At $3,166/mo, how Morro Bay rent compares to typical pay (30% rule).

By apartment size

Morro Bay rent by bedroom count

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

Local insights

Tips for renters in Morro Bay

About renting in Morro Bay, CA

Last updated: August 17, 2026

The median rent in Morro Bay is $3,166/mo as of August 2026. A studio apartment averages $1,630/mo while a 2-bedroom runs $2,380/mo. One-bedroom apartments average $1,810/mo and 3-bedroom units go for $3,180/mo.

At 40% of local median household income ($95,843/yr), Morro Bay ranks as moderate compared to the national benchmark of 30%. Rents have increased 22.4% over the past year.

FAQ

Frequently asked questions

Is Morro Bay an affordable city for renters?

Morro Bay is considered moderate for renters. At $3,166/mo, rent takes approximately 40% of the local median household income ($95,843/yr). The standard benchmark is 30%. Morro Bay slightly exceeds that threshold, so budgeting carefully matters here.

How much income do you need to rent in Morro Bay?

To keep rent at or below 30% of gross income, you would need to earn at least $127,000/year (~$61/hour full-time) to afford the median rent of $3,166/mo in Morro Bay. The local median household income is $95,843/yr, meaning the typical Morro Bay household falls short of that threshold.

Is rent going up or down in Morro Bay?

Rent in Morro Bay has increased 22.4% over the past year as of August 2026, putting upward pressure on renter budgets.

How does Morro Bay rent compare to other cities in California?

Morro Bay is one of the pricier cities in California for rent, ranking #121 out of 381 tracked cities at $3,166/mo.

Which nearby cities are cheaper to rent in than Morro Bay?

Several nearby cities have lower median rents than Morro Bay ($3,166/mo): Atascadero ($2,410/mo), Paso Robles ($2,779/mo), Los Osos ($2,875/mo).

What percentage of Morro Bay residents rent vs. own?

According to Census data, approximately 34.6% of Morro Bay households are renters, while 65.4% are owner-occupied. Morro Bay leans toward homeownership, which can mean a smaller rental inventory.

How does Morro Bay rent compare to the national average?

Morro Bay's median rent of $3,166/mo is $1,204 (61%) above the US national median of $1,962/mo. Within California, it ranks #121 out of 381 tracked cities.
Income Affordability
40%
MODERATE

At $3,166/mo, rent takes ~40% of Morro Bay's median household income ($95,843/yr). The standard benchmark is 30%.

Morro Bay 40%Benchmark 30%
State income tax1–13.3%
Run the Morro Bay affordability calculator →
Lowest-rent ZIP codes in Morro Bay
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Morro Bay, CA

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