Total monthly cost of ownership
Cost to Own a Home in Carmel-by-the-Sea, California
A $2,000,000 home here costs
$14,200per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $608,500 a year.
A standard mortgage calculator would have told you $10,904. The real number is $3,296 higher every month, 30% more than the payment most buyers budget for.
Compare Monterey County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Carmel-by-the-Sea from a five-year rolling sample, and with about 3,186 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Monterey County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Carmel-by-the-Sea against Monterey County and California
| Measure | Carmel-by-the-Sea | Monterey County |
|---|---|---|
| Median home value | $2,000,000+ | $723,100 |
| Median property tax | $6,735 | $4,782 |
| Effective tax rate | 0.661% | 0.661% |
| Median gross rent | $2,933 | $1,995 |
| Population | 3,186 | 435,834 |
The weather behind that power bill
Carmel-by-the-Sea sits in Monterey County, which averages a high of 85.2°F in its hottest month and a low of 37.1°F in its coldest, with 11.83" of precipitation a year and 59% of it in a single three-month stretch. That climate drives 578 cooling and 2,288 heating degree days, which is what sets the $150 electricity line above.
See the full climate breakdown for Monterey County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Monterey County
Full Monterey County cost breakdown · Every county in California
Talk to someone who works this market
These are Carmel-by-the-Sea averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Carmel-by-the-Sea every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Carmel-by-the-Sea I already own here and may sell
Common questions
How much does it cost to own a home in Carmel-by-the-Sea?
A $2,000,000 home in Carmel-by-the-Sea, California costs approximately $14,200 per month with 20% down at 7.24%. That is $10,904 principal and interest, $1,102 property tax, $310 homeowners insurance, $218 utilities and $1,667 set aside for maintenance.
What is the property tax rate in Carmel-by-the-Sea?
Place-level tax data is not published for Carmel-by-the-Sea, so the Monterey County rate of 0.661% applies here.
What is the average home price in Carmel-by-the-Sea?
The median owner-occupied home value in Carmel-by-the-Sea, California is above $2 million (the Census reporting cap), against $723,100 across Monterey County.
Is it cheaper to rent or buy in Carmel-by-the-Sea?
Median gross rent in Carmel-by-the-Sea is $2,933 a month, against $14,200 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Carmel-by-the-Sea?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Carmel-by-the-Sea, California at today's rate takes a household income of roughly $608,500 a year. That covers the full $14,200 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Carmel-by-the-Sea, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for California.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.