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 | East Lake-Orient Park | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $214,418 | $293,727 | $242,182 |
| Price Trend (Annual %) | 17.3% | 12.0% | 8.2% |
| Median Gross Rent | $1,392 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.3% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in East Lake-Orient Park is about 27% lower than in Florida. Rent is about 11% lower 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 East Lake-Orient Park, up about 17.3% and 6.3% a year respectively. Home prices are changing faster.
Median rent in East Lake-Orient Park rose about 53.4% between 2015 and 2023, from $907 to $1,392. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in East Lake-Orient Park.
Buying the median-priced home in East Lake-Orient Park costs roughly 12.8 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in East Lake-Orient Park. The price-to-rent ratio in Florida is about 15.7.
| Metric | East Lake-Orient Park | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $214,418 | $293,727 | $242,182 |
| Median Household Income | $55,226 | $71,865 | $78,145 |
| Price-to-Income Ratio | 3.9 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in East Lake-Orient Park rose about 401.8%, while median household income rose about 47.5% 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 | East Lake-Orient Park | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.1% | 57.1% | 58.2% |
| Rental Rate | 44.8% | 27.7% | 31.3% |
| Vacancy Rate | 7.1% | 15.2% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
East Lake-Orient Park has a homeownership rate of 48.1%, lower than the Florida average of 57.1%. Its housing vacancy rate is 7.1%, compared with 15.2% in Florida.
Housing Stock
| Metric | East Lake-Orient Park | 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 | 5.0 | 5.2 | 5.5 |
The typical housing unit in East Lake-Orient Park was built around 1981. On average, 2.6 people live in a home with about 5.0 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in East Lake-Orient Park, Florida.
What is the median home price in East Lake-Orient Park, Florida?
The median home price in East Lake-Orient Park, Florida is $214,418, lower than the Florida average of $293,727.
What is the average home price in East Lake-Orient Park, 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 East Lake-Orient Park, Florida?
The median gross rent in East Lake-Orient Park, Florida is $1,392 per month, lower than the Florida average of $1,564.
What was the median gross rent in East Lake-Orient Park in 2020?
In 2020, the median gross rent in East Lake-Orient Park, Florida was $1,085 per month.
What is the price-to-rent ratio in East Lake-Orient Park, Florida?
The price-to-rent ratio in East Lake-Orient Park, Florida is about 12.8, meaning it would take roughly 12.8 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in East Lake-Orient Park.
Are home prices or rent rising faster in East Lake-Orient Park, Florida?
Both home prices and rent are rising in East Lake-Orient Park, up about 17.3% and 6.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in East Lake-Orient Park, Florida?
48.1% of households in East Lake-Orient Park, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in East Lake-Orient Park, Florida?
The housing vacancy rate in East Lake-Orient Park, Florida is 7.1%, lower than the Florida average of 15.2%.