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Salinas Mortgage Facts

Salinas Introduction

Salinas is the county seat of Monterey County, California. It is an hour south of San Jose, and two and a half hours west of Fresno. Salinas is a little under ten miles from the Pacific Ocean. As of 2005, the population of Salinas was approximately 157,000 people. This was up from the 2000 census when the population was 151,000.

Salinas Neighborhoods

Salinas offers a mix of newer developments and well established neighborhoods. Housing styles run the spectrum, including homes with an historic Spanish influence, modern townhouses, modest cottages, "rancheros", and Victorians.

Salinas Real Estate

According to 2005 Census estimates, there were 44,774 housing units in Salinas. 49.7% of these were owner occupied, well below the national average. 5.9% of Salinas' housing was unoccupied or vacant.

Salinas homes are relatively young. Less than 20% were built prior to 1960. 38.3% were built in the 1960s and 1970s, 12.9% in the 1980s, 14.1% in the 1990s, and a fairly large 12.0% since 2000. Most of these homes are four to seven rooms in size. Less than 10% have eight or more rooms. Two thirds have two or three bedrooms. 18.6% have four or more bedrooms. Utility gas is the predominant form of heating for Salinas homes, followed by electricity.

A home in Salinas had a median value of $560,600, more than 3 times the national average and substantially above the value in 2000 when the median value was $195,700. By the end of 2006, the median sales price was roughly the same at $557,000. At that time, median selling prices for a Salinas home ranged from $330,000 for 1-bedroom, to $640,000 for 4-bedrooms.

Median monthly owner costs for a Salinas home were $1,955 as of 2005. This was above the national average. 77.3% of Salinas' owner occupied homes had a mortgage in 2005. 24.5% had a second mortgage or a home equity line as well.

Salinas Property Taxes

The Monterey County, Treasurer-Tax Collector collects the property taxes for Salinas. The Monterey County Assessor determines the value of taxable property in Salinas. In 2005, the median real estate tax bill for an owner occupied home in Salinas was $2,960.

Salinas Schools

The City of Salinas is served by three elementary school districts - the Alisal Union Elementary School District, the Salinas City Elementary School District, and the Santa Rita Union Elementary School District. It is also served by a unified high school district - the Salinas Union High School District. Since 2000, two of Salinas City Elementary School District's schools have been recognized with "Distinguished School Awards" from the California School Recognition Program.

There are also several primary and secondary level private schools in Salinas. Hartnell College, a State Community College, is also located in Salinas.

Salinas Economy

The major sectors of the Salinas economy are government, agriculture, retail and wholesale trade, and manufacturing. Salinas is sometimes referred to as the "Salad Bowl of the World" because of its production of lettuce, broccoli, mushrooms and strawberries, as well as many other crops. Some of the largest employers in Salinas include: Dole Fresh Vegetable, the County of Monterey, Household Credit Services and Salinas Valley Memorial Hospital.

Median family income in Salinas is somewhat below the national average. As of 2005, the median family income in Salinas was $51,048 compared to a national average of $55,832.

Salinas and California Mortgage and/or Real Estate Organizations

Salinas Mortgage Statistics

CategoryValue
Homes With No Mortgage20%
With A Mortgage80%
First Mortgage Only61%
Second Mortgage or Home Equity Loan19%
Second Mortgage Only12%
Home Equity Loan Only6%

Salinas Housing Expenses

CategoryValue
Owner Costs as % of Income23%
Median Real Estate Taxes (2000)$1,493

Salinas Household Size

CategoryValue
Total Occupied38,227
1-Person Households17%
2-Person Households22%
3-Person Households16%
4-Person Households16%
5-Person Households11%
6-Person Households7%
7+-Person Households11%

Salinas Housing Stock

CategoryValue
Median Year Built1973
Median Year Built (Owner Occupied)1972
Median Year Built (Renter Occupied)1973

Salinas Home Heating

CategoryValue
Using Utility Co. Gas Heat82%
Using Bottled/Tank Gas Heat1%
Using Electric Heat16%
Using Oil Heat0%
Using Coal0%
Using Wood Heating0%
Using Solar Heat0%
Other Heating0%
No Heating1%

Salinas Housing Size

CategoryValue
No Bedrooms9%
1 Bedroom7%
2 Bedrooms21%
3 Bedrooms42%
4 Bedrooms18%
5+ Bedrooms4%
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