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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Broward County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $346,101 | $293,727 | $242,182 |
| Price Trend (Annual %) | 12.3% | 12.0% | 8.2% |
| Median Gross Rent | $1,803 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.7% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Broward County is about 18% higher than in Florida. Rent is about 15% 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 Broward County, up about 12.3% and 5.7% a year respectively. Home prices are changing faster.
Median rent in Broward County rose about 51.5% between 2015 and 2023, from $1,190 to $1,803. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 4.6 yearly household incomes in Broward County.
Buying the median-priced home in Broward County costs roughly 16.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Broward County. The price-to-rent ratio in Florida is about 15.7.
| Metric | Broward County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $346,101 | $293,727 | $242,182 |
| Median Household Income | $74,554 | $71,865 | $78,145 |
| Price-to-Income Ratio | 4.6 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Broward County rose about 151.6%, while median household income rose about 43.4% 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 | Broward County | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.9% | 57.1% | 58.2% |
| Rental Rate | 31.9% | 27.7% | 31.3% |
| Vacancy Rate | 13.1% | 15.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Broward County has a homeownership rate of 54.9%, lower than the Florida average of 57.1%. Its housing vacancy rate is 13.1%, compared with 15.2% in Florida.
Housing Stock
| Metric | Broward County | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.57 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1981 | 1987 | 1978 |
| Median Number of Rooms | 4.6 | 5.2 | 5.5 |
The typical housing unit in Broward County was built around 1981. On average, 2.6 people live in a home with about 4.6 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Broward County, Florida.
What is the median home price in Broward County, Florida?
The median home price in Broward County, Florida is $346,101, higher than the Florida average of $293,727.
What is the average home price in Broward County, 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 Broward County, Florida?
The median gross rent in Broward County, Florida is $1,803 per month, higher than the Florida average of $1,564.
What was the median gross rent in Broward County in 2020?
In 2020, the median gross rent in Broward County, Florida was $1,433 per month.
What is the price-to-rent ratio in Broward County, Florida?
The price-to-rent ratio in Broward County, Florida is about 16.0, meaning it would take roughly 16.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Broward County.
Are home prices or rent rising faster in Broward County, Florida?
Both home prices and rent are rising in Broward County, up about 12.3% and 5.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Broward County, Florida?
54.9% of households in Broward County, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Broward County, Florida?
The housing vacancy rate in Broward County, Florida is 13.1%, lower than the Florida average of 15.2%.