Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Alafaya | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $438,581 | $293,727 | $242,182 |
| Price Trend (Annual %) | 19.0% | 12.0% | 8.2% |
| Median Gross Rent | $1,809 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.1% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Alafaya is about 49% higher than in Florida. Rent is about 16% higher than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Alafaya, up about 19.0% and 5.1% a year respectively. Home prices are changing faster.
Median rent in Alafaya rose about 49.0% between 2015 and 2023, from $1,214 to $1,809. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Alafaya.
Buying the median-priced home in Alafaya costs roughly 20.2 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Alafaya. The price-to-rent ratio in Florida is about 15.7.
| Metric | Alafaya | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $438,581 | $293,727 | $242,182 |
| Median Household Income | $97,698 | $71,865 | $78,145 |
| Price-to-Income Ratio | 4.5 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Alafaya rose about 198.5%, while median household income rose about 54.2% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Alafaya | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.5% | 57.1% | 58.2% |
| Rental Rate | 32.3% | 27.7% | 31.3% |
| Vacancy Rate | 5.2% | 15.2% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Alafaya has a homeownership rate of 62.5%, higher than the Florida average of 57.1%. Its housing vacancy rate is 5.2%, compared with 15.2% in Florida.
Housing Stock
| Metric | Alafaya | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.85 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 2000 | 1987 | 1978 |
| Median Number of Rooms | 6.2 | 5.2 | 5.5 |
The typical housing unit in Alafaya was built around 2000. On average, 2.8 people live in a home with about 6.2 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Alafaya, Florida.
What is the median home price in Alafaya, Florida?
The median home price in Alafaya, Florida is $438,581, higher than the Florida average of $293,727.
What is the average home price in Alafaya, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Alafaya, Florida?
The median gross rent in Alafaya, Florida is $1,809 per month, higher than the Florida average of $1,564.
What was the median gross rent in Alafaya in 2020?
In 2020, the median gross rent in Alafaya, Florida was $1,535 per month.
What is the price-to-rent ratio in Alafaya, Florida?
The price-to-rent ratio in Alafaya, Florida is about 20.2, meaning it would take roughly 20.2 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Alafaya.
Are home prices or rent rising faster in Alafaya, Florida?
Both home prices and rent are rising in Alafaya, up about 19.0% and 5.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Alafaya, Florida?
62.5% of households in Alafaya, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Alafaya, Florida?
The housing vacancy rate in Alafaya, Florida is 5.2%, lower than the Florida average of 15.2%.