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 | Plantation | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $438,931 | $293,727 | $242,182 |
| Price Trend (Annual %) | 18.4% | 12.0% | 8.2% |
| Median Gross Rent | $2,135 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Plantation is about 49% higher than in Florida. Rent is about 37% 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 Plantation, up about 18.4% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Plantation rose about 50.7% between 2015 and 2023, from $1,417 to $2,135. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 5.0 yearly household incomes in Plantation.
Buying the median-priced home in Plantation costs roughly 17.1 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Plantation. The price-to-rent ratio in Florida is about 15.7.
| Metric | Plantation | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $438,931 | $293,727 | $242,182 |
| Median Household Income | $87,390 | $71,865 | $78,145 |
| Price-to-Income Ratio | 5.0 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Plantation rose about 282.7%, while median household income rose about 33.6% 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 | Plantation | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 59.1% | 57.1% | 58.2% |
| Rental Rate | 34.0% | 27.7% | 31.3% |
| Vacancy Rate | 6.9% | 15.2% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Plantation has a homeownership rate of 59.1%, higher than the Florida average of 57.1%. Its housing vacancy rate is 6.9%, compared with 15.2% in Florida.
Housing Stock
| Metric | Plantation | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.55 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1983 | 1987 | 1978 |
| Median Number of Rooms | 5.0 | 5.2 | 5.5 |
The typical housing unit in Plantation was built around 1983. On average, 2.6 people live in a home with about 5.0 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Plantation, Florida.
What is the median home price in Plantation, Florida?
The median home price in Plantation, Florida is $438,931, higher than the Florida average of $293,727.
What is the average home price in Plantation, 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 Plantation, Florida?
The median gross rent in Plantation, Florida is $2,135 per month, higher than the Florida average of $1,564.
What was the median gross rent in Plantation in 2020?
In 2020, the median gross rent in Plantation, Florida was $1,727 per month.
What is the price-to-rent ratio in Plantation, Florida?
The price-to-rent ratio in Plantation, Florida is about 17.1, meaning it would take roughly 17.1 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Plantation.
Are home prices or rent rising faster in Plantation, Florida?
Both home prices and rent are rising in Plantation, up about 18.4% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Plantation, Florida?
59.1% of households in Plantation, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Plantation, Florida?
The housing vacancy rate in Plantation, Florida is 6.9%, lower than the Florida average of 15.2%.