Compare Monterey, CA mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Monterey.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Monterey. Plus, shopping lenders is free and there is no obligation.
August 2, 2025
Below we provide helpful information on the real estate market, home prices and housing affordability in Monterey. Understand how much you need to earn to afford a home in Monterey, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Monterey fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Monterey is right for you.
The median home value for Monterey, CA is $757,669
Based on current mortgage rates and a 10% down payment, you need to make $158,062 per year to buy the median priced home in Monterey
With this income, you could qualify for a $681,902 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Monterey is $3,660
The median household income for Monterey, CA is $83,363
Based on this income, you can afford a home valued at approximately $399,598
The home price you can afford to buy based on household income in Monterey is 53% of the median home value which means housing prices are very expensive. Monterey ranks 49 out of 58 counties in California and 3,120 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Monterey, CA is very expensive
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Monterey below.
Conforming loan limits for Monterey, CA
FHA loan limits for Monterey, CA