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ZIP Code · CA

ZIP 94306

Pop. 27,183·Santa Clara County·105th most expensive ZIP in California
Median rent (all units)
$3,994/mo
Year-over-Year
+25.9%
Month-over-Month
+7.5%
vs US Median
+$2,029
Rising (Monthly)
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Most AffordableMost Expensive
ZIP 94306 · $3,994
More expensive than 97% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$2,850
1 BR
$3,240
2 BR
$3,790
3 BR
$5,010
4 BR+
$5,450
Research median
$3,790/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
$47,928/yr
At $3,994/mo median
Location
StateCA
CountySanta Clara County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 25.9% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+25.9% YoY, +7.5% MoM), not inventory.
Demographics

Who lives here

ZIP 94306 (Palo Alto, CA) is roughly split between renters and owners, has a median income above the national average, 80.9% of residents hold a bachelor's degree or higher.

Population
27,183
Median income
$210,000
Median age
42.3
Renters
47.4%
Age distribution
22.1%
18.4%
28.6%
12.5%
18.5%
Under 1822.1%
18–3418.4%
35–5428.6%
55–6412.5%
65+18.5%
Gender
48.5%
51.5%
Male48.5%
Female51.5%
Race & ethnicity
43.7%
39.8%
White43.7%
Black1.5%
Hispanic8.5%
Asian39.8%
Other6.5%
Education (25+)
80.9%
No HS diploma4.3%
HS diploma5.5%
Some college9.3%
Bachelor's+80.9%
Housing tenure
52.6%
47.4%
Owner52.6%
Renter47.4%

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

2021 vs 2026

How ZIP 94306 in Palo Alto, CA has changed in 5 years

Rent
$2,799 → $3,994
up 42.7%
Income
$185,588 → $210,000
up 13.2%
Population
28,394 → 27,183
down 4.3%
Renter share
45.6% → 47.4%
+1.8 pts
Bachelor's+
81.4% → 80.9%
-0.5 pts
Median age
40.7 → 42.3
+1.6 yrs

Since 2021, the typical rent in ZIP 94306 in Palo Alto, CA has increased from $2,799 to $3,994, a 42.7% change over five years. Census figures show median household income at $210,000 today, compared with $185,588 five years earlier. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has contracted by 4.3% since 2021, moving from about 28,394 residents to roughly 27,183. Renters now make up 47.4% of households, compared with 45.6% five years ago. The combined trend lines point to a market that has changed measurably from where it stood in early 2021.

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Local insights

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About renting in ZIP 94306

Last updated: July 20, 2026

ZIP code 94306 covers Palo Alto, CA. The median rent here is $3,994/mo as of July 2026. A 1-bedroom rents for a median of $3,240/mo. A 2-bedroom rents for a median of $3,790/mo.

At 23% of local median household income ($210,000/yr), ZIP 94306 ranks as affordable compared to the national benchmark of 30%. Rents have increased 25.9% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 94306?

As of July 20, 2026, the median monthly rent in ZIP 94306 (Palo Alto, CA) is $3,994. This is based on aggregated data from public sources and community submissions.

How does ZIP 94306 rent compare to the US average?

ZIP 94306's median rent of $3,994/mo is $2,029 (103%) above the US national median of $1,965/mo.

How does ZIP 94306 compare to other ZIPs in California?

ZIP 94306 is one of the pricier ZIP codes in California, ranking #105 out of 907 ZIPs tracked at $3,994/mo.

How much income do you need to rent in ZIP 94306?

To keep rent at or below 30% of gross income, you would need to earn at least $160,000/year (~$77/hour full-time) to afford the median rent of $3,994/mo in ZIP 94306. The local median household income is $210,000/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 94306?

Rent in ZIP 94306 has increased 25.9% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 94306 an affordable place to rent?

ZIP 94306 is considered very affordable for renters. At $3,994/mo, rent takes approximately 23% of the local median household income ($210,000/yr). The standard benchmark is 30%. ZIP 94306 falls comfortably within that range.

What percentage of ZIP 94306 residents rent vs. own?

According to Census data, approximately 47.4% of ZIP 94306 households are renters, while 52.6% are owner-occupied. ZIP 94306 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 94306 compare to the rest of Palo Alto?

ZIP 94306 is more affordable than Palo Alto overall. At $3,994/mo, it's $305 below the Palo Alto citywide median of $4,299/mo.

When was rent data for ZIP 94306 last updated?

Rent data for ZIP 94306 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
23%
VERY AFFORDABLE

At $3,994/mo, rent takes ~23% of ZIP 94306's median household income ($210,000/yr). The standard benchmark is 30%.

ZIP 94306 23%Benchmark 30%
State income tax1–13.3%
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Public schools near ZIP 94306 (Palo Alto, CA)

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