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ZIP Code · CA

ZIP 93940

Part of Monterey, CA
Pop. 30,605·Monterey County·441st most expensive ZIP in California
Median rent (all units)
$2,816/mo
Year-over-Year
-2.4%
Month-over-Month
+0.2%
vs US Median
+$851
Stable (Monthly)
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Most AffordableMost Expensive
ZIP 93940 · $2,816
More expensive than 87% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$2,600
1 BR
$2,670
2 BR
$3,210
3 BR
$4,320
4 BR+
$4,710
Research median
$3,210/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: July 20, 2026

Annual cost
$33,792/yr
At $2,816/mo median
Location
StateCA
CountyMonterey County
Rent Market Meter
Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are softening (down 2.4% YoY), so renters have negotiating leverage.
Based on rent-price momentum (-2.4% YoY, +0.2% MoM), not inventory.
Demographics

Who lives here

ZIP 93940 (Monterey, CA) is majority renter-occupied, has a large retiree population, has a median income above the national average, 53.2% of residents hold a bachelor's degree or higher.

Population
30,605
Median income
$106,044
Median age
43
Renters
58.7%
Age distribution
14.7%
25.4%
22.2%
13%
24.7%
Under 1814.7%
18–3425.4%
35–5422.2%
55–6413%
65+24.7%
Gender
47.4%
52.6%
Male47.4%
Female52.6%
Race & ethnicity
65.2%
23.1%
White65.2%
Black1.7%
Hispanic23.1%
Asian7%
Other3%
Education (25+)
13%
27.4%
53.2%
No HS diploma6.5%
HS diploma13%
Some college27.4%
Bachelor's+53.2%
Housing tenure
41.3%
58.7%
Owner41.3%
Renter58.7%

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

2021 vs 2026

How ZIP 93940 in Monterey, CA has changed in 5 years

Rent
$2,135 → $2,816
up 31.9%
Income
$91,165 → $106,044
up 16.3%
Population
32,273 → 30,605
down 5.2%
Renter share
59.6% → 58.7%
-0.9 pts
Bachelor's+
54.5% → 53.2%
-1.3 pts
Median age
42.1 → 43
+0.9 yrs

Five years ago, renters in ZIP 93940 in Monterey, CA paid around $2,135 a month. That figure now sits near $2,816, up 31.9% from the 2021 baseline. Median household income climbed from $91,165 to $106,044 between 2021 and 2024, a 16.3% shift. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 93940 in Monterey, CA losing about 1,668 residents over the five-year window, down 5.2% on net. Taken together, the five-year picture in ZIP 93940 in Monterey, 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.

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Local insights

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About renting in ZIP 93940

Last updated: July 20, 2026

ZIP code 93940 covers Monterey, CA. The median rent here is $2,816/mo as of July 2026. A 1-bedroom rents for a median of $2,670/mo. A 2-bedroom rents for a median of $3,210/mo.

At 32% of local median household income ($106,044/yr), ZIP 93940 ranks as moderate compared to the national benchmark of 30%. Rents have decreased 2.4% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 93940?

As of July 20, 2026, the median monthly rent in ZIP 93940 (Monterey, CA) is $2,816. This is based on aggregated data from public sources and community submissions.

How does ZIP 93940 rent compare to the US average?

ZIP 93940's median rent of $2,816/mo is $851 (43%) above the US national median of $1,965/mo.

How does ZIP 93940 compare to other ZIPs in California?

ZIP 93940 falls in the middle range for California, ranking #441 out of 907 ZIPs at $2,816/mo.

How much income do you need to rent in ZIP 93940?

To keep rent at or below 30% of gross income, you would need to earn at least $113,000/year (~$54/hour full-time) to afford the median rent of $2,816/mo in ZIP 93940. The local median household income is $106,044/yr, meaning the typical household falls short of that threshold.

Is rent going up or down in ZIP 93940?

Rent in ZIP 93940 has decreased 2.4% over the past year as of July 20, 2026, offering some relief compared to 12 months ago.

Is ZIP 93940 an affordable place to rent?

ZIP 93940 is considered moderate for renters. At $2,816/mo, rent takes approximately 32% of the local median household income ($106,044/yr). The standard benchmark is 30%. ZIP 93940 slightly exceeds that threshold, so budgeting carefully matters here.

What percentage of ZIP 93940 residents rent vs. own?

According to Census data, approximately 58.7% of ZIP 93940 households are renters, while 41.3% are owner-occupied. With a majority renter population, ZIP 93940 has a strong rental market.

How does ZIP 93940 compare to the rest of Monterey?

ZIP 93940 is more affordable than Monterey overall. At $2,816/mo, it's $6 below the Monterey citywide median of $2,822/mo.

When was rent data for ZIP 93940 last updated?

Rent data for ZIP 93940 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
32%
MODERATE

At $2,816/mo, rent takes ~32% of ZIP 93940's median household income ($106,044/yr). The standard benchmark is 30%.

ZIP 93940 32%Benchmark 30%
State income tax1–13.3%
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Schools nearby

Public schools near ZIP 93940 (Monterey, CA)

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