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 | Fruit Cove | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $383,993 | $293,727 | $242,182 |
| Price Trend (Annual %) | 22.1% | 12.0% | 8.2% |
| Median Gross Rent | $2,236 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Fruit Cove is about 31% higher than in Florida. Rent is about 43% 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 Fruit Cove, up about 22.1% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Fruit Cove rose about 32.5% between 2015 and 2023, from $1,687 to $2,236. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Fruit Cove.
Buying the median-priced home in Fruit Cove costs roughly 14.3 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 Fruit Cove. The price-to-rent ratio in Florida is about 15.7.
| Metric | Fruit Cove | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $383,993 | $293,727 | $242,182 |
| Median Household Income | $142,872 | $71,865 | $78,145 |
| Price-to-Income Ratio | 2.7 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Fruit Cove rose about 113.8%, while median household income rose about 42.3% 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 | Fruit Cove | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 84.1% | 57.1% | 58.2% |
| Rental Rate | 11.2% | 27.7% | 31.3% |
| Vacancy Rate | 4.7% | 15.2% | 10.6% |
| Median Tenure (years) | 14.0 | 13.0 | 15.0 |
| Median Year Moved In | 2012 | 2013 | 2011 |
Fruit Cove has a homeownership rate of 84.1%, higher than the Florida average of 57.1%. Its housing vacancy rate is 4.7%, compared with 15.2% in Florida.
Housing Stock
| Metric | Fruit Cove | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.09 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 2001 | 1987 | 1978 |
| Median Number of Rooms | 7.2 | 5.2 | 5.5 |
The typical housing unit in Fruit Cove was built around 2001. On average, 3.1 people live in a home with about 7.2 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Fruit Cove, Florida.
What is the median home price in Fruit Cove, Florida?
The median home price in Fruit Cove, Florida is $383,993, higher than the Florida average of $293,727.
What is the average home price in Fruit Cove, 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 Fruit Cove, Florida?
The median gross rent in Fruit Cove, Florida is $2,236 per month, higher than the Florida average of $1,564.
What was the median gross rent in Fruit Cove in 2020?
In 2020, the median gross rent in Fruit Cove, Florida was $1,805 per month.
What is the price-to-rent ratio in Fruit Cove, Florida?
The price-to-rent ratio in Fruit Cove, Florida is about 14.3, meaning it would take roughly 14.3 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 Fruit Cove.
Are home prices or rent rising faster in Fruit Cove, Florida?
Both home prices and rent are rising in Fruit Cove, up about 22.1% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Fruit Cove, Florida?
84.1% of households in Fruit Cove, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Fruit Cove, Florida?
The housing vacancy rate in Fruit Cove, Florida is 4.7%, lower than the Florida average of 15.2%.