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 | Riverview | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $244,224 | $293,727 | $242,182 |
| Price Trend (Annual %) | 5.8% | 12.0% | 8.2% |
| Median Gross Rent | $1,883 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.0% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Riverview is about 17% lower than in Florida. Rent is about 20% 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 Riverview, up about 5.8% and 6.0% a year respectively. Rent is changing faster.
Median rent in Riverview rose about 57.0% between 2015 and 2023, from $1,200 to $1,883. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Riverview.
Buying the median-priced home in Riverview costs roughly 10.8 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 Riverview. The price-to-rent ratio in Florida is about 15.7.
| Metric | Riverview | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $244,224 | $293,727 | $242,182 |
| Median Household Income | $95,442 | $71,865 | $78,145 |
| Price-to-Income Ratio | 2.6 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Riverview rose about 75.1%, while median household income rose about 52.5% 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 | Riverview | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.1% | 57.1% | 58.2% |
| Rental Rate | 22.0% | 27.7% | 31.3% |
| Vacancy Rate | 5.9% | 15.2% | 10.6% |
| Median Tenure (years) | 10.0 | 13.0 | 15.0 |
| Median Year Moved In | 2016 | 2013 | 2011 |
Riverview has a homeownership rate of 72.1%, higher than the Florida average of 57.1%. Its housing vacancy rate is 5.9%, compared with 15.2% in Florida.
Housing Stock
| Metric | Riverview | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.84 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 2006 | 1987 | 1978 |
| Median Number of Rooms | 6.3 | 5.2 | 5.5 |
The typical housing unit in Riverview was built around 2006. On average, 2.8 people live in a home with about 6.3 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Riverview, Florida.
What is the median home price in Riverview, Florida?
The median home price in Riverview, Florida is $244,224, lower than the Florida average of $293,727.
What is the average home price in Riverview, 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 Riverview, Florida?
The median gross rent in Riverview, Florida is $1,883 per month, higher than the Florida average of $1,564.
What was the median gross rent in Riverview in 2020?
In 2020, the median gross rent in Riverview, Florida was $1,455 per month.
What is the price-to-rent ratio in Riverview, Florida?
The price-to-rent ratio in Riverview, Florida is about 10.8, meaning it would take roughly 10.8 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 Riverview.
Are home prices or rent rising faster in Riverview, Florida?
Both home prices and rent are rising in Riverview, up about 5.8% and 6.0% a year respectively. Rent is changing faster.
What is the homeownership rate in Riverview, Florida?
72.1% of households in Riverview, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Riverview, Florida?
The housing vacancy rate in Riverview, Florida is 5.9%, lower than the Florida average of 15.2%.