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 | Pine Hills | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $228,111 | $293,727 | $242,182 |
| Price Trend (Annual %) | 13.9% | 12.0% | 8.2% |
| Median Gross Rent | $1,460 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Pine Hills is about 22% lower than in Florida. Rent is about 7% 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 Pine Hills, up about 13.9% and 6.1% a year respectively. Home prices are changing faster.
Median rent in Pine Hills rose about 50.8% between 2015 and 2023, from $968 to $1,460. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Pine Hills.
Buying the median-priced home in Pine Hills costs roughly 13.0 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 Pine Hills. The price-to-rent ratio in Florida is about 15.7.
| Metric | Pine Hills | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $228,111 | $293,727 | $242,182 |
| Median Household Income | $56,535 | $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 Pine Hills rose about 293.0%, while median household income rose about 43.3% 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 | Pine Hills | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 54.0% | 57.1% | 58.2% |
| Rental Rate | 40.5% | 27.7% | 31.3% |
| Vacancy Rate | 5.5% | 15.2% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Pine Hills has a homeownership rate of 54.0%, lower than the Florida average of 57.1%. Its housing vacancy rate is 5.5%, compared with 15.2% in Florida.
Housing Stock
| Metric | Pine Hills | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.51 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1979 | 1987 | 1978 |
| Median Number of Rooms | 5.6 | 5.2 | 5.5 |
The typical housing unit in Pine Hills was built around 1979. On average, 3.5 people live in a home with about 5.6 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Pine Hills, Florida.
What is the median home price in Pine Hills, Florida?
The median home price in Pine Hills, Florida is $228,111, lower than the Florida average of $293,727.
What is the average home price in Pine Hills, 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 Pine Hills, Florida?
The median gross rent in Pine Hills, Florida is $1,460 per month, lower than the Florida average of $1,564.
What was the median gross rent in Pine Hills in 2020?
In 2020, the median gross rent in Pine Hills, Florida was $1,113 per month.
What is the price-to-rent ratio in Pine Hills, Florida?
The price-to-rent ratio in Pine Hills, Florida is about 13.0, meaning it would take roughly 13.0 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 Pine Hills.
Are home prices or rent rising faster in Pine Hills, Florida?
Both home prices and rent are rising in Pine Hills, up about 13.9% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Pine Hills, Florida?
54.0% of households in Pine Hills, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Pine Hills, Florida?
The housing vacancy rate in Pine Hills, Florida is 5.5%, lower than the Florida average of 15.2%.