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 | Lauderdale Lakes | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $120,207 | $293,727 | $242,182 |
| Price Trend (Annual %) | 9.6% | 12.0% | 8.2% |
| Median Gross Rent | $1,517 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lauderdale Lakes is about 59% lower than in Florida. Rent is about 3% 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 Lauderdale Lakes, up about 9.6% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Lauderdale Lakes rose about 48.3% between 2015 and 2023, from $1,023 to $1,517. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 2.7 yearly household incomes in Lauderdale Lakes.
Buying the median-priced home in Lauderdale Lakes costs roughly 6.6 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 Lauderdale Lakes. The price-to-rent ratio in Florida is about 15.7.
| Metric | Lauderdale Lakes | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $120,207 | $293,727 | $242,182 |
| Median Household Income | $45,288 | $71,865 | $78,145 |
| Price-to-Income Ratio | 2.7 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lauderdale Lakes rose about 87.6%, while median household income rose about 26.8% 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 | Lauderdale Lakes | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 41.1% | 57.1% | 58.2% |
| Rental Rate | 40.9% | 27.7% | 31.3% |
| Vacancy Rate | 18.1% | 15.2% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Lauderdale Lakes has a homeownership rate of 41.1%, lower than the Florida average of 57.1%. Its housing vacancy rate is 18.1%, compared with 15.2% in Florida.
Housing Stock
| Metric | Lauderdale Lakes | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.72 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1976 | 1987 | 1978 |
| Median Number of Rooms | 4.2 | 5.2 | 5.5 |
The typical housing unit in Lauderdale Lakes was built around 1976. On average, 2.7 people live in a home with about 4.2 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lauderdale Lakes, Florida.
What is the median home price in Lauderdale Lakes, Florida?
The median home price in Lauderdale Lakes, Florida is $120,207, lower than the Florida average of $293,727.
What is the average home price in Lauderdale Lakes, 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 Lauderdale Lakes, Florida?
The median gross rent in Lauderdale Lakes, Florida is $1,517 per month, lower than the Florida average of $1,564.
What was the median gross rent in Lauderdale Lakes in 2020?
In 2020, the median gross rent in Lauderdale Lakes, Florida was $1,140 per month.
What is the price-to-rent ratio in Lauderdale Lakes, Florida?
The price-to-rent ratio in Lauderdale Lakes, Florida is about 6.6, meaning it would take roughly 6.6 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 Lauderdale Lakes.
Are home prices or rent rising faster in Lauderdale Lakes, Florida?
Both home prices and rent are rising in Lauderdale Lakes, up about 9.6% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lauderdale Lakes, Florida?
41.1% of households in Lauderdale Lakes, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Lauderdale Lakes, Florida?
The housing vacancy rate in Lauderdale Lakes, Florida is 18.1%, higher than the Florida average of 15.2%.