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 | Hollywood | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $525,259 | $293,727 | $242,182 |
| Price Trend (Annual %) | 14.0% | 12.0% | 8.2% |
| Median Gross Rent | $1,554 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hollywood is about 79% higher than in Florida. Rent is about 1% 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 Hollywood, up about 14.0% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Hollywood rose about 47.1% between 2015 and 2023, from $1,056 to $1,554. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 8.1 yearly household incomes in Hollywood.
Buying the median-priced home in Hollywood costs roughly 28.2 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 Hollywood. The price-to-rent ratio in Florida is about 15.7.
| Metric | Hollywood | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $525,259 | $293,727 | $242,182 |
| Median Household Income | $64,550 | $71,865 | $78,145 |
| Price-to-Income Ratio | 8.1 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hollywood rose about 172.9%, while median household income rose about 44.6% 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 | Hollywood | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 47.3% | 57.1% | 58.2% |
| Rental Rate | 35.7% | 27.7% | 31.3% |
| Vacancy Rate | 17.0% | 15.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Hollywood has a homeownership rate of 47.3%, lower than the Florida average of 57.1%. Its housing vacancy rate is 17.0%, compared with 15.2% in Florida.
Housing Stock
| Metric | Hollywood | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1970 | 1987 | 1978 |
| Median Number of Rooms | 4.1 | 5.2 | 5.5 |
The typical housing unit in Hollywood was built around 1970. On average, 2.5 people live in a home with about 4.1 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hollywood, Florida.
What is the median home price in Hollywood, Florida?
The median home price in Hollywood, Florida is $525,259, higher than the Florida average of $293,727.
What is the average home price in Hollywood, 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 Hollywood, Florida?
The median gross rent in Hollywood, Florida is $1,554 per month, lower than the Florida average of $1,564.
What was the median gross rent in Hollywood in 2020?
In 2020, the median gross rent in Hollywood, Florida was $1,260 per month.
What is the price-to-rent ratio in Hollywood, Florida?
The price-to-rent ratio in Hollywood, Florida is about 28.2, meaning it would take roughly 28.2 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 Hollywood.
Are home prices or rent rising faster in Hollywood, Florida?
Both home prices and rent are rising in Hollywood, up about 14.0% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hollywood, Florida?
47.3% of households in Hollywood, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Hollywood, Florida?
The housing vacancy rate in Hollywood, Florida is 17.0%, higher than the Florida average of 15.2%.