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San Mateo County · Research in progress

Burlingame

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How much of Burlingame’s quality and economic base is reflected in housing values?

Working hypothesis. Alpha Score and forecast: not yet published.

Typical home valueJul 2026 · Zillow ZHVI$2,817,833
10-year value changeJul 2016 to Jul 2026+59.3%
Net assessed value2026 lien year · all property$20,090,282,945
10-year assessed growth2016 to 2026 lien years+107.7%

Housing value history

The city’s typical home value is 1.77 times the county value in Jul 2026. This compares citywide housing stocks; it does not adjust for lot size, housing type or neighborhood differences.

Home values versus San Mateo County

Both series start at 100 in 2000-01. 2000-01 to 2026-07.

Home values versus San Mateo County. Burlingame and San Mateo County from 2000-01 to 2026-07. Exact values are in the expandable table below.100200300400500200020132026
Burlingame 465.6San Mateo County 377.0
View exact values (319 periods)
Home values versus San Mateo County: nominal USD; missing values stay blank
MonthBurlingameSan Mateo County
2026-07$2,817,833$1,596,366
2026-06$2,788,396$1,590,320
2026-05$2,770,213$1,590,421
2026-04$2,750,193$1,589,112
2026-03$2,727,718$1,586,908
2026-02$2,706,486$1,581,829
2026-01$2,688,300$1,575,942
2025-12$2,672,261$1,570,599
2025-11$2,646,583$1,562,451
2025-10$2,619,905$1,555,997
2025-09$2,599,524$1,552,381
2025-08$2,582,676$1,551,965
2025-07$2,579,507$1,557,144
2025-06$2,582,589$1,564,250
2025-05$2,600,639$1,573,982
2025-04$2,610,749$1,579,532
2025-03$2,613,158$1,581,091
2025-02$2,605,282$1,581,578
2025-01$2,592,622$1,579,257
2024-12$2,570,852$1,573,454
2024-11$2,543,452$1,566,304
2024-10$2,520,896$1,562,545
2024-09$2,506,781$1,563,480
2024-08$2,502,659$1,563,398
2024-07$2,505,984$1,562,569
2024-06$2,500,910$1,557,233
2024-05$2,479,269$1,545,365
2024-04$2,443,173$1,525,423
2024-03$2,419,547$1,508,263
2024-02$2,417,136$1,501,572
2024-01$2,434,464$1,507,486
2023-12$2,454,911$1,516,456
2023-11$2,470,529$1,522,634
2023-10$2,472,503$1,522,917
2023-09$2,462,299$1,517,090
2023-08$2,440,782$1,507,537
2023-07$2,416,706$1,497,259
2023-06$2,396,732$1,488,547
2023-05$2,386,082$1,482,931
2023-04$2,387,976$1,481,659
2023-03$2,397,617$1,485,414
2023-02$2,429,517$1,498,984
2023-01$2,462,754$1,515,671
2022-12$2,500,894$1,535,018
2022-11$2,522,637$1,551,292
2022-10$2,559,494$1,573,048
2022-09$2,612,686$1,604,820
2022-08$2,684,761$1,643,400
2022-07$2,743,079$1,676,259
2022-06$2,776,709$1,692,671
2022-05$2,780,033$1,692,567
2022-04$2,751,837$1,675,133
2022-03$2,688,641$1,641,477
2022-02$2,602,202$1,596,798
2022-01$2,524,319$1,559,194
2021-12$2,469,721$1,534,095
2021-11$2,434,729$1,519,261
2021-10$2,416,881$1,509,822
2021-09$2,413,805$1,505,794
2021-08$2,419,626$1,505,053
2021-07$2,412,837$1,498,259
2021-06$2,387,825$1,483,833
2021-05$2,354,733$1,464,598
2021-04$2,327,806$1,446,771
2021-03$2,304,909$1,431,164
2021-02$2,287,928$1,419,301
2021-01$2,265,568$1,407,576
2020-12$2,240,985$1,394,380
2020-11$2,210,670$1,379,326
2020-10$2,178,924$1,363,990
2020-09$2,151,341$1,352,240
2020-08$2,127,592$1,343,767
2020-07$2,117,776$1,343,921
2020-06$2,119,094$1,350,145
2020-05$2,126,575$1,356,820
2020-04$2,122,703$1,355,874
2020-03$2,109,476$1,348,730
2020-02$2,100,713$1,341,183
2020-01$2,103,260$1,337,225
2019-12$2,104,451$1,333,092
2019-11$2,105,180$1,330,409
2019-10$2,094,408$1,326,234
2019-09$2,083,332$1,322,284
2019-08$2,061,383$1,315,068
2019-07$2,042,892$1,309,227
2019-06$2,037,678$1,307,556
2019-05$2,036,187$1,309,372
2019-04$2,043,361$1,315,274
2019-03$2,059,793$1,325,697
2019-02$2,087,169$1,337,950
2019-01$2,114,295$1,349,987
2018-12$2,128,291$1,356,539
2018-11$2,131,194$1,359,625
2018-10$2,125,741$1,356,951
2018-09$2,115,160$1,351,964
2018-08$2,118,549$1,349,612
2018-07$2,125,911$1,348,226
2018-06$2,129,997$1,343,003
2018-05$2,116,552$1,331,243
2018-04$2,098,871$1,315,464
2018-03$2,077,813$1,299,515
2018-02$2,049,298$1,280,712
2018-01$2,013,865$1,258,631
2017-12$1,980,082$1,236,752
2017-11$1,952,941$1,217,330
2017-10$1,924,226$1,199,584
2017-09$1,899,654$1,184,676
2017-08$1,879,029$1,173,357
2017-07$1,866,606$1,165,231
2017-06$1,856,147$1,157,231
2017-05$1,845,828$1,148,226
2017-04$1,839,466$1,141,556
2017-03$1,826,033$1,133,880
2017-02$1,813,811$1,126,602
2017-01$1,793,469$1,116,641
2016-12$1,777,872$1,107,414
2016-11$1,762,305$1,100,073
2016-10$1,755,649$1,097,099
2016-09$1,750,534$1,096,161
2016-08$1,753,849$1,097,494
2016-07$1,768,667$1,100,376
2016-06$1,792,514$1,105,366
2016-05$1,816,435$1,108,711
2016-04$1,831,575$1,110,089
2016-03$1,831,872$1,104,005
2016-02$1,813,792$1,092,562
2016-01$1,786,198$1,077,730
2015-12$1,761,711$1,064,820
2015-11$1,742,048$1,053,956
2015-10$1,716,017$1,039,646
2015-09$1,686,295$1,023,701
2015-08$1,665,080$1,007,282
2015-07$1,654,724$994,472
2015-06$1,644,012$981,634
2015-05$1,628,848$968,942
2015-04$1,612,660$955,968
2015-03$1,598,217$944,033
2015-02$1,577,096$930,746
2015-01$1,557,742$917,406
2014-12$1,539,651$904,207
2014-11$1,526,186$893,469
2014-10$1,505,733$881,346
2014-09$1,487,974$871,842
2014-08$1,471,509$863,110
2014-07$1,462,733$858,662
2014-06$1,452,254$853,529
2014-05$1,435,161$845,114
2014-04$1,410,991$835,175
2014-03$1,389,606$825,570
2014-02$1,372,099$818,373
2014-01$1,355,113$810,521
2013-12$1,337,545$802,619
2013-11$1,321,522$795,104
2013-10$1,303,818$786,168
2013-09$1,283,197$776,445
2013-08$1,262,073$765,028
2013-07$1,248,989$754,444
2013-06$1,229,456$740,663
2013-05$1,208,181$725,891
2013-04$1,182,281$711,963
2013-03$1,162,545$700,967
2013-02$1,143,741$691,327
2013-01$1,127,605$681,468
2012-12$1,111,612$671,257
2012-11$1,095,134$661,506
2012-10$1,072,991$649,945
2012-09$1,050,195$637,197
2012-08$1,025,875$622,877
2012-07$1,006,128$610,730
2012-06$984,848$600,691
2012-05$964,726$592,802
2012-04$945,195$586,743
2012-03$929,044$582,364
2012-02$920,050$581,257
2012-01$913,411$580,559
2011-12$911,491$581,815
2011-11$906,153$581,103
2011-10$902,464$581,354
2011-09$915,969$587,583
2011-08$931,135$596,020
2011-07$944,451$605,142
2011-06$937,134$607,841
2011-05$925,596$607,994
2011-04$912,849$606,548
2011-03$904,282$605,566
2011-02$903,243$608,672
2011-01$906,674$613,942
2010-12$911,424$619,472
2010-11$920,135$625,459
2010-10$944,473$636,432
2010-09$965,749$644,370
2010-08$985,977$651,849
2010-07$989,065$652,768
2010-06$996,030$656,692
2010-05$995,835$656,330
2010-04$995,064$655,586
2010-03$994,459$654,890
2010-02$995,954$656,558
2010-01$991,751$653,902
2009-12$980,421$646,325
2009-11$968,547$636,505
2009-10$970,138$633,635
2009-09$979,376$636,973
2009-08$991,794$643,071
2009-07$997,075$647,046
2009-06$998,821$648,880
2009-05$1,007,001$656,076
2009-04$1,015,105$662,725
2009-03$1,027,792$671,891
2009-02$1,030,742$674,325
2009-01$1,038,148$680,536
2008-12$1,051,113$690,067
2008-11$1,071,718$701,914
2008-10$1,091,521$713,239
2008-09$1,108,063$723,441
2008-08$1,119,218$733,747
2008-07$1,128,538$744,969
2008-06$1,136,522$755,516
2008-05$1,143,065$763,849
2008-04$1,152,650$773,333
2008-03$1,154,028$778,403
2008-02$1,161,841$788,770
2008-01$1,168,860$797,972
2007-12$1,180,908$811,230
2007-11$1,183,108$818,365
2007-10$1,179,625$821,725
2007-09$1,172,501$821,298
2007-08$1,171,019$823,389
2007-07$1,171,771$825,573
2007-06$1,171,049$825,779
2007-05$1,167,798$824,837
2007-04$1,165,034$823,791
2007-03$1,160,967$821,734
2007-02$1,158,198$820,320
2007-01$1,151,245$817,685
2006-12$1,148,588$818,095
2006-11$1,146,547$818,518
2006-10$1,147,877$820,271
2006-09$1,150,177$822,501
2006-08$1,150,089$823,498
2006-07$1,146,272$822,792
2006-06$1,146,055$824,055
2006-05$1,147,449$825,380
2006-04$1,149,297$825,351
2006-03$1,144,092$819,955
2006-02$1,138,030$814,027
2006-01$1,137,445$812,046
2005-12$1,135,810$809,350
2005-11$1,133,436$805,857
2005-10$1,125,334$798,438
2005-09$1,117,251$792,304
2005-08$1,107,735$785,574
2005-07$1,095,830$778,416
2005-06$1,079,466$768,518
2005-05$1,059,189$756,557
2005-04$1,039,013$744,282
2005-03$1,028,431$737,200
2005-02$1,016,627$728,929
2005-01$1,003,641$719,748
2004-12$985,381$707,840
2004-11$970,268$697,738
2004-10$957,928$689,606
2004-09$946,993$682,276
2004-08$934,245$673,788
2004-07$922,543$665,009
2004-06$911,801$656,481
2004-05$902,395$649,353
2004-04$889,371$640,380
2004-03$875,460$631,188
2004-02$859,985$620,278
2004-01$848,201$612,049
2003-12$838,698$604,988
2003-11$832,582$600,856
2003-10$827,260$597,344
2003-09$820,328$592,551
2003-08$815,855$589,192
2003-07$814,000$588,084
2003-06$815,116$589,658
2003-05$815,211$590,421
2003-04$813,505$589,557
2003-03$809,717$587,535
2003-02$805,533$585,699
2003-01$799,611$583,367
2002-12$792,021$579,718
2002-11$787,834$577,523
2002-10$783,288$574,760
2002-09$777,386$571,712
2002-08$765,646$565,537
2002-07$753,239$558,197
2002-06$743,671$551,046
2002-05$737,445$544,493
2002-04$736,301$540,080
2002-03$737,183$537,303
2002-02$741,802$537,351
2002-01$747,686$539,204
2001-12$756,441$542,962
2001-11$765,681$546,739
2001-10$774,054$549,811
2001-09$779,577$550,546
2001-08$783,161$550,100
2001-07$786,867$549,157
2001-06$791,363$548,767
2001-05$793,134$547,096
2001-04$788,910$542,739
2001-03$779,598$535,768
2001-02$768,069$527,618
2001-01$755,115$518,230
2000-12$740,542$508,269
2000-11$725,584$498,571
2000-10$711,640$489,697
2000-09$698,990$481,331
2000-08$686,528$473,113
2000-07$670,055$463,832
2000-06$651,528$453,370
2000-05$632,964$442,977
2000-04$620,055$434,470
2000-03$611,392$428,409
2000-02$607,634$425,439
2000-01$605,168$423,426

Source: Zillow Research. All homes, mid-tier, smoothed and seasonally adjusted. This is a modeled typical value, not a median sale price. History can change in later releases. Figures show nominal price changes, excluding rent, taxes, maintenance and financing.

Tax-base history

Net assessed values versus San Mateo County

Both series start at 100 in 2006. 2006 to 2026.

Net assessed values versus San Mateo County. Burlingame and San Mateo County from 2006 to 2026. Exact values are in the expandable table below.100169238306375200620162026
Burlingame 339.2San Mateo County 293.6
View exact values (21 periods)
Net assessed values versus San Mateo County: nominal USD; missing values stay blank
Lien yearBurlingameSan Mateo County
2026$20,090,282,945$357,637,774,632
2025$18,944,179,060$341,079,292,496
2024$17,721,575,875$325,461,790,181
2023$16,364,413,064$307,753,885,866
2022$15,210,959,462$287,971,990,957
2021$13,732,384,625$265,811,818,511
2020$13,070,631,879$255,187,167,029
2019$11,750,693,133$238,449,657,731
2018$10,934,623,423$222,596,790,495
2017$10,321,879,225$206,047,021,875
2016$9,674,641,943$190,980,937,765
2015$8,982,631,695$177,453,142,562
2014$8,409,524,618$164,854,105,357
2013$7,905,206,616$156,101,044,862
2012$7,395,879,716$147,256,091,428
2011$7,073,819,928$142,505,805,298
2010$6,971,973,391$140,930,127,456
2009$6,927,135,195$142,921,792,582
2008$6,722,625,348$141,925,617,130
2007$6,345,011,938$131,204,157,287
2006$5,922,996,236$121,792,367,210

Source: San Mateo County Assessor annual reports (printed pages 18–19) and 2025–2026 combined-roll summaries (PDF page 1). Net secured plus unsecured local roll at January 1; the associated fiscal year starts in July of that year. Latest verified observation is 2026. The 2025 summary uses the October 29 revision; both new summaries reconcile to their prior-year columns and county subtotals.

Assessed values reflect the property-tax system, transfers, construction and other adjustments. Their growth is not equivalent to residential appreciation, job growth or revenue available to the city.

Audited General Fund · FY2025

How the city’s finances add up

Actual results for July 2024–June 2025. The figures use the General Fund reporting aggregate in the city’s basic financial statements.

Change in fund balanceAfter other financing sources and uses$236,385
Unassigned balance ÷ expendituresSame fiscal year · not a fiscal-health score10.1%
General Fund reconciliation · nominal dollars
Statement itemFY2025Evidence
Revenue$93,701,502ACFR page 58
Expenditures$79,546,065ACFR page 58
Revenue less expenditures$14,155,437ACFR page 58
Net other financing sources / uses-$13,919,052ACFR page 58
Change in fund balance$236,385ACFR page 58
Ending fund balance — all classifications$57,644,192ACFR page 56
Unassigned portion of ending balance$8,016,324ACFR page 56
Property-tax revenue (part of revenue)$34,450,698ACFR page 58

Page links use PDF page numbers. Revenue less expenditures plus net other financing equals the change in fund balance. Financing includes transfers and may include asset sales or lease and subscription financing; it is not recurring operating revenue.

Unassigned balance excludes restricted, committed and assigned amounts. Cities classify and consolidate funds differently, so this ratio alone cannot establish financial strength. One-time activity, pension and other long-term obligations, and historical trends still need review.

Reporting scope and comparability

Unassigned balance excludes the restricted and assigned portions of General Fund balance. Classification choices matter when comparing ratios across cities.

Modified accrual, GAAP fund statements. One audited fiscal year is loaded; a trend is not yet established. Published date is unverified; this report was retrieved 2026-09-14.

What would support the thesis?

  • Verify revenue mix and fiscal resilience.
  • Track housing stock and commercial development.
  • Compare valuation and growth with similar markets.

The opposing case

High prices can coexist with strong future returns when desirable characteristics remain scarce.

Research still to verify

AreaEvidence needed
Municipal financesHistorical audited statements, recurring versus one-time activity, reserve policies and material long-term obligations. FY2025 General Fund figures are verified above.
Population and incomeComparable Census estimates, survey periods and margins of error.
Employment and developmentWorkplace jobs and projects with dated status, occupancy, scale and delivery assumptions.
Housing supplyPermits, completions and constraints, with consistent geography.
Access, amenities and risksMeasurable transit and amenity comparisons, and location-specific physical and fiscal risks.

Scores and scenarios

No score or forecast is published for this city. The draft Alpha Score framework requires verified inputs and a documented evaluation before activation. Future base, bull and bear cases will retain their original dates, assumptions and benchmarks.

Sources and update history

2026-09-14: housing and assessment histories now include the 2025 and 2026 rolls, plus FY2025 audited General Fund statements. Earlier source vintages remain preserved. Research questions remain provisional.

  • Zillow Research: ZHVI all homes mid-tier smoothed seasonally adjusted citiesOriginal columns; only documented RegionID rows retained. Retrieved 2026-09-14.
    Source and method notes

    Typical modeled home value, not median sale price. Full history is revised by the publisher; this vintage is not point-in-time historical evidence.

    Publisher methodology

    Upstream SHA-256: 85779336dad4da66724bed3968bc9b8ea38332395cd4739335a555e998b8341b

  • Zillow Research: ZHVI all homes mid-tier smoothed seasonally adjusted countiesOriginal columns; only documented RegionID rows retained. Retrieved 2026-09-14.
    Source and method notes

    Typical modeled home value, not median sale price. Full history is revised by the publisher; this vintage is not point-in-time historical evidence.

    Publisher methodology

    Upstream SHA-256: 8ea53a5461073e62b1d7f0eb216290954246f56ba344a227956665ab19c2b271

  • San Mateo County Assessor: 2015-2016 Assessor Annual ReportPrinted pages 18-19, PDF pages 20-21; City Assessment Roll Totals 10-Years Historical. Retrieved 2026-09-14.
    Source and method notes

    Net secured plus unsecured local assessment roll. Annual stock at January 1 lien date, associated with fiscal year beginning in the same calendar year. Not market value, municipal revenue, or residential appreciation.

    Publisher methodology

    Upstream SHA-256: 874c589970d5d4063070d73bbe70b73a33cc358fd86bfbf0af7fb295b2aa3bcc

  • San Mateo County Assessor: 2024-2025 Assessor Annual ReportPrinted pages 18-19, PDF pages 20-21; City Assessment Roll Totals 10-Years Historical. Retrieved 2026-09-14.
    Source and method notes

    Net secured plus unsecured local assessment roll. Annual stock at January 1 lien date, associated with fiscal year beginning in the same calendar year. Not market value, municipal revenue, or residential appreciation.

    Publisher methodology

    Upstream SHA-256: 72bfcb54f40693274513038f44e4b1e35c2e633774f93ebefb0f0aec78e35623

  • City of Burlingame: Annual Comprehensive Financial Report, fiscal year ended June 30, 2025General Fund column; balance sheet printed page 30 (PDF 56); revenues/expenditures printed page 32 (PDF 58); audit opinion PDF 27. Retrieved 2026-09-14.
    Source and method notes

    Unassigned balance excludes the restricted and assigned portions of General Fund balance. Classification choices matter when comparing ratios across cities.

    Publisher methodology

    Upstream SHA-256: c366e5d13b74dba76faa6b76f73ef58cdd0343e666325b0d416bcd41a3ca3797

  • San Mateo County Assessor: 2025-26 Local Combined Roll (revised October 29, 2025)PDF page 1; city rows and Total Local Combined Roll; current and previous Local Roll columns. Retrieved 2026-09-14.
    Source and method notes

    Net local combined secured and unsecured roll. Roll year maps to January 1 lien date; fiscal year starts July 1. Revised allocation of five unincorporated secured parcels to Belmont and San Carlos; retain revised source. Previous-year columns reconcile to the preceding retained source for all covered geographies. All 20 city rows reconcile to Incorporated Cities, and incorporated plus unincorporated equals county total.

    Publisher methodology

    Upstream SHA-256: 5563f82b46b590ae795dcf2ec7c7362d722a6c5c38f73c088c6f42acd67c3f07

  • San Mateo County Assessor: 2026-27 Local Combined RollPDF page 1; city rows and Total Local Combined Roll; current and previous Local Roll columns. Retrieved 2026-09-14.
    Source and method notes

    Net local combined secured and unsecured roll. Roll year maps to January 1 lien date; fiscal year starts July 1. Previous-year columns reconcile to the preceding retained source for all covered geographies. All 20 city rows reconcile to Incorporated Cities, and incorporated plus unincorporated equals county total.

    Publisher methodology

    Upstream SHA-256: 63dac759ce86804c4a678deafbc45de2176027509ce24aff4f8e9db5c448ed71