ZIP 94306
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12-month history
Last updated: October 17, 2026
What the numbers show
April. Asking rents in ZIP 94306 usually run 1.2% below trend in April and 1.6% above it in August, about $121 a month apart at today's median. Based on 10 years of data.
Rent in ZIP 94306 is at its highest level since Zillow's records here began in June 2016.
Rent in ZIP 94306 changed +10.8% over the year to September 2026. Across the 819 California ZIP codes Zillow tracks, the typical change was +3.2%.
From 2019 to 2024, rent in ZIP 94306 rose 6.9% while median household income rose 46.2% ($143,606 to $210,000). Income kept ahead of rent.
Rent in ZIP 94306 is 22.7% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 13 months in a row, and rose in 12 of the last 12 months.
30% of the median household income ($210,000) is $5,250 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($5,010); a 4-bedroom is $5,450.
ZIP 94061, 7 miles away, rents for 11% less ($3,820/mo), about $5,900 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 94306. 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.
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.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 94306 in Palo Alto, CA has changed in 5 years
Since 2021, the typical rent in ZIP 94306 in Palo Alto, CA has increased from $3,201 to $4,312, a 34.7% 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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Tips for renters in ZIP 94306
Last updated: October 17, 2026
ZIP code 94306 covers Palo Alto, CA. The median rent here is $4,312/mo as of October 2026. A 1-bedroom rents for a median of $3,240/mo. A 2-bedroom rents for a median of $3,790/mo.
At 25% of local median household income ($210,000/yr), ZIP 94306 ranks as affordable compared to the national benchmark of 30%. Rents have increased 10.8% over the past year.
Frequently asked questions
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How does ZIP 94306 compare to the rest of Palo Alto?
At $4,312/mo, rent takes ~25% of ZIP 94306's median household income ($210,000/yr). The standard benchmark is 30%.
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