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 | Lutz | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $397,534 | $293,727 | $242,182 |
| Price Trend (Annual %) | 15.7% | 12.0% | 8.2% |
| Median Gross Rent | $1,556 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.4% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Lutz is about 35% higher than in Florida. Rent follows a similar pattern, running close to 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 Lutz, up about 15.7% and 6.4% a year respectively. Home prices are changing faster.
Median rent in Lutz rose about 64.2% between 2015 and 2023, from $948 to $1,556. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Lutz.
Buying the median-priced home in Lutz costs roughly 21.3 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 Lutz. The price-to-rent ratio in Florida is about 15.7.
| Metric | Lutz | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $397,534 | $293,727 | $242,182 |
| Median Household Income | $99,821 | $71,865 | $78,145 |
| Price-to-Income Ratio | 4.0 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Lutz rose about 219.5%, while median household income rose about 39.5% 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 | Lutz | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 71.8% | 57.1% | 58.2% |
| Rental Rate | 23.8% | 27.7% | 31.3% |
| Vacancy Rate | 4.4% | 15.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Lutz has a homeownership rate of 71.8%, higher than the Florida average of 57.1%. Its housing vacancy rate is 4.4%, compared with 15.2% in Florida.
Housing Stock
| Metric | Lutz | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.82 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1994 | 1987 | 1978 |
| Median Number of Rooms | 6.7 | 5.2 | 5.5 |
The typical housing unit in Lutz was built around 1994. On average, 2.8 people live in a home with about 6.7 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Lutz, Florida.
What is the median home price in Lutz, Florida?
The median home price in Lutz, Florida is $397,534, higher than the Florida average of $293,727.
What is the average home price in Lutz, 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 Lutz, Florida?
The median gross rent in Lutz, Florida is $1,556 per month, about the same as the Florida average.
What was the median gross rent in Lutz in 2020?
In 2020, the median gross rent in Lutz, Florida was $1,204 per month.
What is the price-to-rent ratio in Lutz, Florida?
The price-to-rent ratio in Lutz, Florida is about 21.3, meaning it would take roughly 21.3 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 Lutz.
Are home prices or rent rising faster in Lutz, Florida?
Both home prices and rent are rising in Lutz, up about 15.7% and 6.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Lutz, Florida?
71.8% of households in Lutz, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Lutz, Florida?
The housing vacancy rate in Lutz, Florida is 4.4%, lower than the Florida average of 15.2%.