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 | Coral Springs | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $504,580 | $293,727 | $242,182 |
| Price Trend (Annual %) | 24.3% | 12.0% | 8.2% |
| Median Gross Rent | $1,936 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Coral Springs is about 72% higher than in Florida. Rent is about 24% 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 Coral Springs, up about 24.3% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Coral Springs rose about 49.8% between 2015 and 2023, from $1,293 to $1,936. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 5.6 yearly household incomes in Coral Springs.
Buying the median-priced home in Coral Springs costs roughly 21.7 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 Coral Springs. The price-to-rent ratio in Florida is about 15.7.
| Metric | Coral Springs | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $504,580 | $293,727 | $242,182 |
| Median Household Income | $90,786 | $71,865 | $78,145 |
| Price-to-Income Ratio | 5.6 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Coral Springs rose about 358.9%, while median household income rose about 27.8% 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 | Coral Springs | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.2% | 57.1% | 58.2% |
| Rental Rate | 37.5% | 27.7% | 31.3% |
| Vacancy Rate | 5.2% | 15.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Coral Springs has a homeownership rate of 57.2%, about the same as the Florida average of 57.1%. Its housing vacancy rate is 5.2%, compared with 15.2% in Florida.
Housing Stock
| Metric | Coral Springs | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.99 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1986 | 1987 | 1978 |
| Median Number of Rooms | 5.5 | 5.2 | 5.5 |
The typical housing unit in Coral Springs was built around 1986. On average, 3.0 people live in a home with about 5.5 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Coral Springs, Florida.
What is the median home price in Coral Springs, Florida?
The median home price in Coral Springs, Florida is $504,580, higher than the Florida average of $293,727.
What is the average home price in Coral Springs, 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 Coral Springs, Florida?
The median gross rent in Coral Springs, Florida is $1,936 per month, higher than the Florida average of $1,564.
What was the median gross rent in Coral Springs in 2020?
In 2020, the median gross rent in Coral Springs, Florida was $1,554 per month.
What is the price-to-rent ratio in Coral Springs, Florida?
The price-to-rent ratio in Coral Springs, Florida is about 21.7, meaning it would take roughly 21.7 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 Coral Springs.
Are home prices or rent rising faster in Coral Springs, Florida?
Both home prices and rent are rising in Coral Springs, up about 24.3% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Coral Springs, Florida?
57.2% of households in Coral Springs, Florida own their home, about the same as the Florida average.
What is the vacancy rate in Coral Springs, Florida?
The housing vacancy rate in Coral Springs, Florida is 5.2%, lower than the Florida average of 15.2%.