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 | Lake Mary | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $533,325 | $293,727 | $242,182 |
| Price Trend (Annual %) | 15.6% | 12.0% | 8.2% |
| Median Gross Rent | $1,888 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 4.8% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lake Mary is about 82% higher than in Florida. Rent is about 21% higher than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2022
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Lake Mary, up about 15.6% and 4.8% a year respectively. Home prices are changing faster.
Median rent in Lake Mary rose about 42.8% between 2015 and 2023, from $1,322 to $1,888. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 5.0 yearly household incomes in Lake Mary.
Buying the median-priced home in Lake Mary costs roughly 23.5 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 Lake Mary. The price-to-rent ratio in Florida is about 15.7.
| Metric | Lake Mary | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $533,325 | $293,727 | $242,182 |
| Median Household Income | $106,928 | $71,865 | $78,145 |
| Price-to-Income Ratio | 5.0 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2022, the median home price in Lake Mary rose about 136.2%, while median household income rose about 49.0% 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 | Lake Mary | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.8% | 57.1% | 58.2% |
| Rental Rate | 26.8% | 27.7% | 31.3% |
| Vacancy Rate | 4.4% | 15.2% | 10.6% |
| Median Tenure (years) | 14.0 | 13.0 | 15.0 |
| Median Year Moved In | 2012 | 2013 | 2011 |
Lake Mary has a homeownership rate of 68.8%, higher than the Florida average of 57.1%. Its housing vacancy rate is 4.4%, compared with 15.2% in Florida.
Housing Stock
| Metric | Lake Mary | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.44 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1992 | 1987 | 1978 |
| Median Number of Rooms | 6.4 | 5.2 | 5.5 |
The typical housing unit in Lake Mary was built around 1992. On average, 2.4 people live in a home with about 6.4 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lake Mary, Florida.
What is the median home price in Lake Mary, Florida?
The median home price in Lake Mary, Florida is $533,325, higher than the Florida average of $293,727.
What is the average home price in Lake Mary, 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 Lake Mary, Florida?
The median gross rent in Lake Mary, Florida is $1,888 per month, higher than the Florida average of $1,564.
What was the median gross rent in Lake Mary in 2020?
In 2020, the median gross rent in Lake Mary, Florida was $1,642 per month.
What is the price-to-rent ratio in Lake Mary, Florida?
The price-to-rent ratio in Lake Mary, Florida is about 23.5, meaning it would take roughly 23.5 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 Lake Mary.
Are home prices or rent rising faster in Lake Mary, Florida?
Both home prices and rent are rising in Lake Mary, up about 15.6% and 4.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lake Mary, Florida?
68.8% of households in Lake Mary, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Lake Mary, Florida?
The housing vacancy rate in Lake Mary, Florida is 4.4%, lower than the Florida average of 15.2%.