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 | Parkland | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $874,985 | $293,727 | $242,182 |
| Price Trend (Annual %) | 1.5% | 12.0% | 8.2% |
| Median Gross Rent | $3,281 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 3.8% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Parkland is about 198% higher than in Florida. Rent is about 110% higher than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2020
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Parkland, up about 1.5% and 3.8% a year respectively. Rent is changing faster.
Median rent in Parkland rose about 47.4% between 2015 and 2023, from $2,225 to $3,281. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 4.5 yearly household incomes in Parkland.
Buying the median-priced home in Parkland costs roughly 22.2 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 Parkland. The price-to-rent ratio in Florida is about 15.7.
| Metric | Parkland | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $874,985 | $293,727 | $242,182 |
| Median Household Income | $192,367 | $71,865 | $78,145 |
| Price-to-Income Ratio | 4.5 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2020, the median home price in Parkland rose about 78.1%, while median household income rose about 77.1% 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 | Parkland | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 79.9% | 57.1% | 58.2% |
| Rental Rate | 15.3% | 27.7% | 31.3% |
| Vacancy Rate | 4.8% | 15.2% | 10.6% |
| Median Tenure (years) | 10.0 | 13.0 | 15.0 |
| Median Year Moved In | 2016 | 2013 | 2011 |
Parkland has a homeownership rate of 79.9%, higher than the Florida average of 57.1%. Its housing vacancy rate is 4.8%, compared with 15.2% in Florida.
Housing Stock
| Metric | Parkland | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.30 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 2004 | 1987 | 1978 |
| Median Number of Rooms | 7.1 | 5.2 | 5.5 |
The typical housing unit in Parkland was built around 2004. On average, 3.3 people live in a home with about 7.1 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Parkland, Florida.
What is the median home price in Parkland, Florida?
The median home price in Parkland, Florida is $874,985, higher than the Florida average of $293,727.
What is the average home price in Parkland, 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 Parkland, Florida?
The median gross rent in Parkland, Florida is $3,281 per month, higher than the Florida average of $1,564.
What was the median gross rent in Parkland in 2020?
In 2020, the median gross rent in Parkland, Florida was $2,709 per month.
What is the price-to-rent ratio in Parkland, Florida?
The price-to-rent ratio in Parkland, Florida is about 22.2, meaning it would take roughly 22.2 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 Parkland.
Are home prices or rent rising faster in Parkland, Florida?
Both home prices and rent are rising in Parkland, up about 1.5% and 3.8% a year respectively. Rent is changing faster.
What is the homeownership rate in Parkland, Florida?
79.9% of households in Parkland, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Parkland, Florida?
The housing vacancy rate in Parkland, Florida is 4.8%, lower than the Florida average of 15.2%.