ZIP Code · CA

ZIP 93923

Part of Carmel-by-the-Sea, CA

Pop. 12,565·Monterey County·19th most expensive ZIP in California

Median rent (all units)

$5,733/mo

Year-over-Year

Stable

Month-over-Month

+1.6%

vs US Median

+$3,801

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 93923 · $5,733

More expensive than 99% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$2,460

1 BR

$2,560

2 BR

$3,040

3 BR

$4,100

4 BR+

$4,460

Research median

$3,040/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

What a typical income covers

30% of the median household income ($142,474) is $3,562 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($3,040); a 3-bedroom is $4,100.

Cheaper nearby

ZIP 93940, 9 miles away, rents for 53% less ($2,695/mo), about $36,500 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 93923. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$68,796/yr

At $5,733/mo median

Location

CityCarmel-by-the-Sea

StateCA

CountyMonterey County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (0.0% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+0.0% YoY, +1.6% MoM), not inventory.

Demographics

Who lives here

ZIP 93923 (Carmel-by-the-Sea, CA) is majority owner-occupied, has a large retiree population, has a median income above the national average, 64.9% of residents hold a bachelor's degree or higher.

Population

12,565

Median income

$142,474

Median age

59.4

Renters

23.3%

Age distribution

16.7%

19.7%

17.1%

39.2%

Under 1816.7%

18–347.3%

35–5419.7%

55–6417.1%

65+39.2%

Gender

46.5%

53.5%

Male46.5%

Female53.5%

Race & ethnicity

77.3%

12.7%

White77.3%

Black1.1%

Hispanic12.7%

Asian6.6%

Other2.4%

Education (25+)

23%

64.9%

No HS diploma4.7%

HS diploma7.4%

Some college23%

Bachelor's+64.9%

Housing tenure

76.7%

23.3%

Owner76.7%

Renter23.3%

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

2021 vs 2026

How ZIP 93923 in Carmel-by-the-Sea, CA has changed in 5 years

Income

$107,255 → $142,474

up 32.8%

Population

12,758 → 12,565

down 1.5%

Renter share

21.8% → 23.3%

+1.5 pts

Bachelor's+

64.6% → 64.9%

+0.3 pts

Median age

60.4 → 59.4

-1.0 yrs

Median household income rose from $107,255 to $142,474 between 2021 and 2024, a 32.8% shift. The population has contracted by 1.5% since 2021, moving from about 12,758 residents to roughly 12,565. Renters now make up 23.3% of households, compared with 21.8% five years ago.

Community

Discussions about ZIP 93923

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Local insights

Tips for renters in ZIP 93923

About renting in ZIP 93923

Last updated: October 17, 2026

ZIP code 93923 covers Carmel-by-the-Sea, CA. The median rent here is $5,733/mo as of October 2026. A 1-bedroom rents for a median of $2,560/mo. A 2-bedroom rents for a median of $3,040/mo.

At 48% of local median household income ($142,474/yr), ZIP 93923 ranks as moderate compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 93923?

To keep rent at or below 30% of gross income, you would need to earn at least $229,000/year (about $110/hour full-time) to afford the median rent of $5,733/mo in ZIP 93923. The local median household income is $142,474/yr, so the typical household falls short of that bar.