salaryRent here is among the highest 10% in the country. A typical house costs about 8.9 years of household income, so buying is hard for most locals. Commutes are short, about 19.7 minutes.
How much money do I need?
To rent here comfortably, you should earn about $140,200 a year. That is $67 an hour at a full-time job.
Is rent cheaper than other California cities?
No. Rent here is more expensive than in most of California. It is number 636 of 653 cities from cheapest to most expensive.
How much do households earn in Morro Bay?
Share of households by yearly income. 38.1% of households earn $100,000 or more.
Rent by apartment size in Morro Bay
| Size | Morro Bay | U.S. average |
|---|---|---|
| Studio | $598 | $1,338 |
| 1 bedroom | $1,636 | $1,324 |
| 2 bedrooms | $2,107 | $1,509 |
| 3 bedrooms | $2,926 | $1,698 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Morro Bay overall?
Everyday prices in California overall are 11% above the U.S. average (index 110.7, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Morro Bay, so the California figure is shown.
Taxes and bills in Morro Bay
Life in Morro Bay
Is it cheaper to rent or buy in Morro Bay?
Renting is cheaper right now: about $2,866 a month less.
Owning assumes a typical $918,200 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $91,820 for the down payment.
Frequently asked questions
What is the average rent in Morro Bay, CA?
Renting in Morro Bay costs a median of about $3,505 a month in 2026, including utilities. The California median is $2,357.
How much do I need to make to live in Morro Bay?
To keep rent under 30% of income, you need about $140,200 a year, or $67 an hour at a full-time job.
Is Morro Bay cheap or expensive?
Morro Bay is rated Expensive: rent takes 40.7% of the typical household income of $103,367. It ranks 636th cheapest of 653 California cities we track.
How much are property taxes in Morro Bay?
The median homeowner in Morro Bay pays $5,999 a year in property taxes, about 0.65% of the median home value.
Is Morro Bay more expensive than the national average?
Overall prices in California are 11% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Morro Bay?
The median home value in Morro Bay is $918,200, about 8.9 times the typical yearly household income.
10,692 people live in Morro Bay. Numbers are typical (middle) values.