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.
Median Home Price Map: Counties in Florida
Housing Market Overview
| Metric | Florida | US Average |
|---|---|---|
| Median Home Price | $293,727 | $242,182 |
| Price Trend (Annual %) | 12.0% | 8.2% |
| Median Gross Rent | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Florida is about 21% higher than in US. Rent is about 17% higher than the US 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 Florida, up about 12.0% and 6.1% a year respectively. Home prices are changing faster.
Median rent in Florida rose about 56.0% between 2015 and 2023, from $1,002 to $1,564. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Florida.
Buying the median-priced home in Florida costs roughly 15.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Florida. The price-to-rent ratio in US is about 15.0.
| Metric | Florida | US Average |
|---|---|---|
| Median Home Price | $293,727 | $242,182 |
| Median Household Income | $71,865 | $78,145 |
| Price-to-Income Ratio | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Florida rose about 137.0%, while median household income rose about 51.3% 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 | Florida | US Average |
|---|---|---|
| Homeownership Rate | 57.1% | 58.2% |
| Rental Rate | 27.7% | 31.3% |
| Vacancy Rate | 15.2% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 |
Florida has a homeownership rate of 57.1%, lower than the US average of 58.2%. Its housing vacancy rate is 15.2%, compared with 10.6% in US.
Housing Stock
| Metric | Florida | US Average |
|---|---|---|
| Average Household Size | 2.51 people | 2.54 people |
| Median Structure Built Year | 1987 | 1978 |
| Median Number of Rooms | 5.2 | 5.5 |
The typical housing unit in Florida was built around 1987. On average, 2.5 people live in a home with about 5.2 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Florida.
What is the median home price in Florida?
The median home price in Florida is $293,727, higher than the US average of $242,182.
What is the average home price in 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 Florida?
The median gross rent in Florida is $1,564 per month, higher than the US average of $1,342.
What was the median gross rent in Florida in 2020?
In 2020, the median gross rent in Florida was $1,217 per month.
What is the price-to-rent ratio in Florida?
The price-to-rent ratio in Florida is about 15.7, meaning it would take roughly 15.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Florida.
Are home prices or rent rising faster in Florida?
Both home prices and rent are rising in Florida, up about 12.0% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Florida?
57.1% of households in Florida own their home, lower than the US average of 58.2%.
What is the vacancy rate in Florida?
The housing vacancy rate in Florida is 15.2%, higher than the US average of 10.6%.