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 | Greenacres | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $160,204 | $293,727 | $242,182 |
| Price Trend (Annual %) | 13.3% | 12.0% | 8.2% |
| Median Gross Rent | $1,683 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.9% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Greenacres is about 45% lower than in Florida. Rent is about 8% 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 Greenacres, up about 13.3% and 5.9% a year respectively. Home prices are changing faster.
Median rent in Greenacres rose about 51.4% between 2015 and 2023, from $1,112 to $1,683. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Greenacres.
Buying the median-priced home in Greenacres costs roughly 7.9 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 Greenacres. The price-to-rent ratio in Florida is about 15.7.
| Metric | Greenacres | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $160,204 | $293,727 | $242,182 |
| Median Household Income | $57,781 | $71,865 | $78,145 |
| Price-to-Income Ratio | 2.8 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Greenacres rose about 123.3%, while median household income rose about 45.5% 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 | Greenacres | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 56.8% | 57.1% | 58.2% |
| Rental Rate | 29.8% | 27.7% | 31.3% |
| Vacancy Rate | 13.4% | 15.2% | 10.6% |
| Median Tenure (years) | 10.0 | 13.0 | 15.0 |
| Median Year Moved In | 2016 | 2013 | 2011 |
Greenacres has a homeownership rate of 56.8%, about the same as the Florida average of 57.1%. Its housing vacancy rate is 13.4%, compared with 15.2% in Florida.
Housing Stock
| Metric | Greenacres | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.81 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1988 | 1987 | 1978 |
| Median Number of Rooms | 5.0 | 5.2 | 5.5 |
The typical housing unit in Greenacres was built around 1988. On average, 2.8 people live in a home with about 5.0 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Greenacres, Florida.
What is the median home price in Greenacres, Florida?
The median home price in Greenacres, Florida is $160,204, lower than the Florida average of $293,727.
What is the average home price in Greenacres, 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 Greenacres, Florida?
The median gross rent in Greenacres, Florida is $1,683 per month, higher than the Florida average of $1,564.
What was the median gross rent in Greenacres in 2020?
In 2020, the median gross rent in Greenacres, Florida was $1,348 per month.
What is the price-to-rent ratio in Greenacres, Florida?
The price-to-rent ratio in Greenacres, Florida is about 7.9, meaning it would take roughly 7.9 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 Greenacres.
Are home prices or rent rising faster in Greenacres, Florida?
Both home prices and rent are rising in Greenacres, up about 13.3% and 5.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Greenacres, Florida?
56.8% of households in Greenacres, Florida own their home, about the same as the Florida average.
What is the vacancy rate in Greenacres, Florida?
The housing vacancy rate in Greenacres, Florida is 13.4%, lower than the Florida average of 15.2%.