ZIP 95123
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12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in ZIP 95123 usually run 1.5% below trend in December and 1.4% above it in July, about $102 a month apart at today's median. Based on 10 years of data.
Rent in ZIP 95123 is at its highest level since Zillow's records here began in July 2016.
Rent in ZIP 95123 changed +8.2% 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 95123 rose 14% while median household income rose 22.7% ($117,579 to $144,276). Income kept ahead of rent.
Rent in ZIP 95123 is 27.6% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 14 months in a row, and rose in 12 of the last 12 months.
30% of the median household income ($144,276) is $3,607 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($3,540); a 3-bedroom is $4,680.
10th cheapest of 25 ZIP codes in San Jose.
ZIP 95116, 7 miles away, rents for 16% less ($2,929/mo), about $6,900 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 95123. 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 95123 (San Jose, CA) is majority owner-occupied, has a median income above the national average, 45.8% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 95123 in San Jose, CA has changed in 5 years
Rent in ZIP 95123 in San Jose, CA has climbed 33.8% since 2021, going from about $2,619 per month to roughly $3,503 today. Median household income grew from $124,389 to $144,276 between 2021 and 2024, a 16.0% shift. Rent outpaced income growth by roughly 17.8 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 71,118 to 69,677 between 2021 and 2024, a 2.0% change. Taken together, the five-year picture in ZIP 95123 in San Jose, 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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Tips for renters in ZIP 95123
Last updated: October 17, 2026
ZIP code 95123 covers San Jose, CA. The median rent here is $3,503/mo as of October 2026. A 1-bedroom rents for a median of $3,030/mo. A 2-bedroom rents for a median of $3,540/mo.
At 29% of local median household income ($144,276/yr), ZIP 95123 ranks as affordable compared to the national benchmark of 30%. Rents have increased 8.2% over the past year.
Frequently asked questions
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How does ZIP 95123 compare to the rest of San Jose?
At $3,503/mo, rent takes ~29% of ZIP 95123's median household income ($144,276/yr). The standard benchmark is 30%.
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