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 | St. Petersburg | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $384,625 | $293,727 | $242,182 |
| Price Trend (Annual %) | 27.1% | 12.0% | 8.2% |
| Median Gross Rent | $1,523 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 7.0% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in St. Petersburg is about 31% higher than in Florida. Rent is about 3% 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 St. Petersburg, up about 27.1% and 7.0% a year respectively. Home prices are changing faster.
Median rent in St. Petersburg rose about 65.8% between 2015 and 2023, from $918 to $1,523. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 5.3 yearly household incomes in St. Petersburg.
Buying the median-priced home in St. Petersburg costs roughly 21.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in St. Petersburg. The price-to-rent ratio in Florida is about 15.7.
| Metric | St. Petersburg | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $384,625 | $293,727 | $242,182 |
| Median Household Income | $73,169 | $71,865 | $78,145 |
| Price-to-Income Ratio | 5.3 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in St. Petersburg rose about 396.5%, while median household income rose about 68.3% 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 | St. Petersburg | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.7% | 57.1% | 58.2% |
| Rental Rate | 29.7% | 27.7% | 31.3% |
| Vacancy Rate | 17.5% | 15.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
St. Petersburg has a homeownership rate of 52.7%, lower than the Florida average of 57.1%. Its housing vacancy rate is 17.5%, compared with 15.2% in Florida.
Housing Stock
| Metric | St. Petersburg | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.16 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1968 | 1987 | 1978 |
| Median Number of Rooms | 4.8 | 5.2 | 5.5 |
The typical housing unit in St. Petersburg was built around 1968. On average, 2.2 people live in a home with about 4.8 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in St. Petersburg, Florida.
What is the median home price in St. Petersburg, Florida?
The median home price in St. Petersburg, Florida is $384,625, higher than the Florida average of $293,727.
What is the average home price in St. Petersburg, 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 St. Petersburg, Florida?
The median gross rent in St. Petersburg, Florida is $1,523 per month, lower than the Florida average of $1,564.
What was the median gross rent in St. Petersburg in 2020?
In 2020, the median gross rent in St. Petersburg, Florida was $1,159 per month.
What is the price-to-rent ratio in St. Petersburg, Florida?
The price-to-rent ratio in St. Petersburg, Florida is about 21.0, meaning it would take roughly 21.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in St. Petersburg.
Are home prices or rent rising faster in St. Petersburg, Florida?
Both home prices and rent are rising in St. Petersburg, up about 27.1% and 7.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in St. Petersburg, Florida?
52.7% of households in St. Petersburg, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in St. Petersburg, Florida?
The housing vacancy rate in St. Petersburg, Florida is 17.5%, higher than the Florida average of 15.2%.