Total monthly cost of ownership
Cost to Own a Home in Carmel-by-the-Sea, California
A $2,000,000 home here costs
$13,187per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $10,282. The real number is $2,905 higher every month — 28% more than the payment most buyers budget for.
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 | $2,000,001 | $723,100 |
| Median property tax | $6,735 | $4,782 |
| Effective tax rate | 0.337% | 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 $299 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
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 $13,187 per month with 20% down at 6.66%. That is $10,282 principal and interest, $562 property tax, $310 homeowners insurance, $367 utilities and $1,667 set aside for maintenance.
What is the property tax rate in Carmel-by-the-Sea?
Carmel-by-the-Sea has an effective property tax rate of 0.337%, based on a median home value of $2,000,001 and median real estate taxes of $6,735. That is lower than the Monterey County average of 0.661%.
What is the average home price in Carmel-by-the-Sea?
The median owner-occupied home value in Carmel-by-the-Sea, California is $2,000,001, 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 $13,187 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
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.