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 | Spring Hill | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $268,297 | $293,727 | $242,182 |
| Price Trend (Annual %) | 15.1% | 12.0% | 8.2% |
| Median Gross Rent | $1,306 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 4.9% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Spring Hill is about 9% lower than in Florida. Rent is about 16% 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 Spring Hill, up about 15.1% and 4.9% a year respectively. Home prices are changing faster.
Median rent in Spring Hill rose about 43.0% between 2015 and 2023, from $913 to $1,306. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Spring Hill.
Buying the median-priced home in Spring Hill 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 Spring Hill. The price-to-rent ratio in Florida is about 15.7.
| Metric | Spring Hill | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $268,297 | $293,727 | $242,182 |
| Median Household Income | $67,578 | $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 Spring Hill rose about 200.9%, while median household income rose about 55.5% 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 | Spring Hill | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 74.2% | 57.1% | 58.2% |
| Rental Rate | 18.1% | 27.7% | 31.3% |
| Vacancy Rate | 7.7% | 15.2% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Spring Hill has a homeownership rate of 74.2%, higher than the Florida average of 57.1%. Its housing vacancy rate is 7.7%, compared with 15.2% in Florida.
Housing Stock
| Metric | Spring Hill | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.59 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1994 | 1987 | 1978 |
| Median Number of Rooms | 5.8 | 5.2 | 5.5 |
The typical housing unit in Spring Hill was built around 1994. On average, 2.6 people live in a home with about 5.8 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Spring Hill, Florida.
What is the median home price in Spring Hill, Florida?
The median home price in Spring Hill, Florida is $268,297, lower than the Florida average of $293,727.
What is the average home price in Spring Hill, 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 Spring Hill, Florida?
The median gross rent in Spring Hill, Florida is $1,306 per month, lower than the Florida average of $1,564.
What was the median gross rent in Spring Hill in 2020?
In 2020, the median gross rent in Spring Hill, Florida was $1,079 per month.
What is the price-to-rent ratio in Spring Hill, Florida?
The price-to-rent ratio in Spring Hill, 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 Spring Hill.
Are home prices or rent rising faster in Spring Hill, Florida?
Both home prices and rent are rising in Spring Hill, up about 15.1% and 4.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Spring Hill, Florida?
74.2% of households in Spring Hill, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Spring Hill, Florida?
The housing vacancy rate in Spring Hill, Florida is 7.7%, lower than the Florida average of 15.2%.