ZIP Code 93940 — Monterey, California

The median home in 93940 is valued at $960,400 against a median household income of $103,946, a price-to-income ratio of 9.2. That is above the 6.7 median across the 1,558 California ZIP codes with published housing data, and well past the 3.0 ratio that marks an attainable market nationally, so buying here on a local median income requires substantial savings or a second income. Within Monterey County, 93940 ranks 21 of 27 ZIPs on affordability (1 = lowest ratio); the county median ratio is 6.8. Renting takes 25.5% of median household income (median rent $2,212 a month), under the 30% cost-burden threshold.

93940 ranks 536 of 1,558 statewide on median household income and 344 of 1,558 on median home value; its income is above the $84,669 Monterey County median. 41% of households own their home, below the 64% statewide ZIP median, so most residents rent. 53% of adults hold a bachelor's degree or higher, far above the 31% median, and the poverty rate is 10.2%, below the 10.8% statewide ZIP median. Unemployment stands at 6.4%.

With 898 residents per square mile across 35.1 square miles of land, 93940 is less dense than the statewide ZIP median of 1,120 (rank 814 of 1,558). This is a low-density pattern of large lots, small towns or scattered subdivisions.