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 | Homestead | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $168,462 | $293,727 | $242,182 |
| Price Trend (Annual %) | 3.8% | 12.0% | 8.2% |
| Median Gross Rent | $1,572 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.0% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Homestead is about 43% lower than in Florida. Rent is about 1% 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 Homestead, up about 3.8% and 6.0% a year respectively. Rent is changing faster.
Median rent in Homestead rose about 48.0% between 2015 and 2023, from $1,062 to $1,572. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Homestead.
Buying the median-priced home in Homestead costs roughly 8.9 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 Homestead. The price-to-rent ratio in Florida is about 15.7.
| Metric | Homestead | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $168,462 | $293,727 | $242,182 |
| Median Household Income | $60,708 | $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 Homestead rose about 25.3%, while median household income rose about 59.1% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Homestead | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 45.5% | 57.1% | 58.2% |
| Rental Rate | 49.7% | 27.7% | 31.3% |
| Vacancy Rate | 4.8% | 15.2% | 10.6% |
| Median Tenure (years) | 9.0 | 13.0 | 15.0 |
| Median Year Moved In | 2017 | 2013 | 2011 |
Homestead has a homeownership rate of 45.5%, lower than the Florida average of 57.1%. Its housing vacancy rate is 4.8%, compared with 15.2% in Florida.
Housing Stock
| Metric | Homestead | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.21 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1995 | 1987 | 1978 |
| Median Number of Rooms | 5.2 | 5.2 | 5.5 |
The typical housing unit in Homestead was built around 1995. On average, 3.2 people live in a home with about 5.2 rooms, staying for about 9.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Homestead, Florida.
What is the median home price in Homestead, Florida?
The median home price in Homestead, Florida is $168,462, lower than the Florida average of $293,727.
What is the average home price in Homestead, 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 Homestead, Florida?
The median gross rent in Homestead, Florida is $1,572 per month, higher than the Florida average of $1,564.
What was the median gross rent in Homestead in 2020?
In 2020, the median gross rent in Homestead, Florida was $1,272 per month.
What is the price-to-rent ratio in Homestead, Florida?
The price-to-rent ratio in Homestead, Florida is about 8.9, meaning it would take roughly 8.9 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 Homestead.
Are home prices or rent rising faster in Homestead, Florida?
Both home prices and rent are rising in Homestead, up about 3.8% and 6.0% a year respectively. Rent is changing faster.
What is the homeownership rate in Homestead, Florida?
45.5% of households in Homestead, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Homestead, Florida?
The housing vacancy rate in Homestead, Florida is 4.8%, lower than the Florida average of 15.2%.