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 | Oakland Park | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $519,851 | $293,727 | $242,182 |
| Price Trend (Annual %) | 27.6% | 12.0% | 8.2% |
| Median Gross Rent | $1,639 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.8% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Oakland Park is about 77% higher than in Florida. Rent is about 5% 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 Oakland Park, up about 27.6% and 5.8% a year respectively. Home prices are changing faster.
Median rent in Oakland Park rose about 54.4% between 2015 and 2023, from $1,061 to $1,639. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 7.5 yearly household incomes in Oakland Park.
Buying the median-priced home in Oakland Park costs roughly 26.4 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 Oakland Park. The price-to-rent ratio in Florida is about 15.7.
| Metric | Oakland Park | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $519,851 | $293,727 | $242,182 |
| Median Household Income | $68,927 | $71,865 | $78,145 |
| Price-to-Income Ratio | 7.5 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Oakland Park rose about 360.7%, while median household income rose about 56.0% 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 | Oakland Park | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.7% | 57.1% | 58.2% |
| Rental Rate | 39.9% | 27.7% | 31.3% |
| Vacancy Rate | 9.3% | 15.2% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Oakland Park has a homeownership rate of 50.7%, lower than the Florida average of 57.1%. Its housing vacancy rate is 9.3%, compared with 15.2% in Florida.
Housing Stock
| Metric | Oakland Park | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1972 | 1987 | 1978 |
| Median Number of Rooms | 4.6 | 5.2 | 5.5 |
The typical housing unit in Oakland Park was built around 1972. On average, 2.6 people live in a home with about 4.6 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Oakland Park, Florida.
What is the median home price in Oakland Park, Florida?
The median home price in Oakland Park, Florida is $519,851, higher than the Florida average of $293,727.
What is the average home price in Oakland Park, 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 Oakland Park, Florida?
The median gross rent in Oakland Park, Florida is $1,639 per month, higher than the Florida average of $1,564.
What was the median gross rent in Oakland Park in 2020?
In 2020, the median gross rent in Oakland Park, Florida was $1,280 per month.
What is the price-to-rent ratio in Oakland Park, Florida?
The price-to-rent ratio in Oakland Park, Florida is about 26.4, meaning it would take roughly 26.4 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 Oakland Park.
Are home prices or rent rising faster in Oakland Park, Florida?
Both home prices and rent are rising in Oakland Park, up about 27.6% and 5.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Oakland Park, Florida?
50.7% of households in Oakland Park, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Oakland Park, Florida?
The housing vacancy rate in Oakland Park, Florida is 9.3%, lower than the Florida average of 15.2%.