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 | Silver Springs Shores | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $238,576 | $293,727 | $242,182 |
| Price Trend (Annual %) | 24.2% | 12.0% | 8.2% |
| Median Gross Rent | $1,220 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 4.0% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Silver Springs Shores is about 19% lower than in Florida. Rent is about 22% 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 Silver Springs Shores, up about 24.2% and 4.0% a year respectively. Home prices are changing faster.
Median rent in Silver Springs Shores rose about 33.9% between 2015 and 2023, from $911 to $1,220. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Silver Springs Shores.
Buying the median-priced home in Silver Springs Shores costs roughly 16.3 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 Silver Springs Shores. The price-to-rent ratio in Florida is about 15.7.
| Metric | Silver Springs Shores | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $238,576 | $293,727 | $242,182 |
| Median Household Income | $61,140 | $71,865 | $78,145 |
| Price-to-Income Ratio | 3.9 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Silver Springs Shores rose about 12.9%, while median household income rose about 47.1% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Silver Springs Shores | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 68.4% | 57.1% | 58.2% |
| Rental Rate | 23.1% | 27.7% | 31.3% |
| Vacancy Rate | 8.4% | 15.2% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Silver Springs Shores has a homeownership rate of 68.4%, higher than the Florida average of 57.1%. Its housing vacancy rate is 8.4%, compared with 15.2% in Florida.
Housing Stock
| Metric | Silver Springs Shores | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.85 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1996 | 1987 | 1978 |
| Median Number of Rooms | 5.5 | 5.2 | 5.5 |
The typical housing unit in Silver Springs Shores was built around 1996. On average, 2.8 people live in a home with about 5.5 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Silver Springs Shores, Florida.
What is the median home price in Silver Springs Shores, Florida?
The median home price in Silver Springs Shores, Florida is $238,576, lower than the Florida average of $293,727.
What is the average home price in Silver Springs Shores, 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 Silver Springs Shores, Florida?
The median gross rent in Silver Springs Shores, Florida is $1,220 per month, lower than the Florida average of $1,564.
What was the median gross rent in Silver Springs Shores in 2020?
In 2020, the median gross rent in Silver Springs Shores, Florida was $986 per month.
What is the price-to-rent ratio in Silver Springs Shores, Florida?
The price-to-rent ratio in Silver Springs Shores, Florida is about 16.3, meaning it would take roughly 16.3 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 Silver Springs Shores.
Are home prices or rent rising faster in Silver Springs Shores, Florida?
Both home prices and rent are rising in Silver Springs Shores, up about 24.2% and 4.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Silver Springs Shores, Florida?
68.4% of households in Silver Springs Shores, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Silver Springs Shores, Florida?
The housing vacancy rate in Silver Springs Shores, Florida is 8.4%, lower than the Florida average of 15.2%.