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 | The Hammocks | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $248,504 | $293,727 | $242,182 |
| Price Trend (Annual %) | 4.8% | 12.0% | 8.2% |
| Median Gross Rent | $2,031 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.3% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in The Hammocks is about 15% lower than in Florida. Rent is about 30% 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 The Hammocks, up about 4.8% and 5.3% a year respectively. Rent is changing faster.
Median rent in The Hammocks rose about 49.5% between 2015 and 2023, from $1,359 to $2,031. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 3.0 yearly household incomes in The Hammocks.
Buying the median-priced home in The Hammocks costs roughly 10.2 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 The Hammocks. The price-to-rent ratio in Florida is about 15.7.
| Metric | The Hammocks | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $248,504 | $293,727 | $242,182 |
| Median Household Income | $83,419 | $71,865 | $78,145 |
| Price-to-Income Ratio | 3.0 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in The Hammocks rose about 15.7%, while median household income rose about 31.4% 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 | The Hammocks | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.6% | 57.1% | 58.2% |
| Rental Rate | 36.5% | 27.7% | 31.3% |
| Vacancy Rate | 2.8% | 15.2% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
The Hammocks has a homeownership rate of 60.6%, higher than the Florida average of 57.1%. Its housing vacancy rate is 2.8%, compared with 15.2% in Florida.
Housing Stock
| Metric | The Hammocks | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.96 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1992 | 1987 | 1978 |
| Median Number of Rooms | 4.9 | 5.2 | 5.5 |
The typical housing unit in The Hammocks was built around 1992. On average, 3.0 people live in a home with about 4.9 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in The Hammocks, Florida.
What is the median home price in The Hammocks, Florida?
The median home price in The Hammocks, Florida is $248,504, lower than the Florida average of $293,727.
What is the average home price in The Hammocks, 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 The Hammocks, Florida?
The median gross rent in The Hammocks, Florida is $2,031 per month, higher than the Florida average of $1,564.
What was the median gross rent in The Hammocks in 2020?
In 2020, the median gross rent in The Hammocks, Florida was $1,777 per month.
What is the price-to-rent ratio in The Hammocks, Florida?
The price-to-rent ratio in The Hammocks, Florida is about 10.2, meaning it would take roughly 10.2 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 The Hammocks.
Are home prices or rent rising faster in The Hammocks, Florida?
Both home prices and rent are rising in The Hammocks, up about 4.8% and 5.3% a year respectively. Rent is changing faster.
What is the homeownership rate in The Hammocks, Florida?
60.6% of households in The Hammocks, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in The Hammocks, Florida?
The housing vacancy rate in The Hammocks, Florida is 2.8%, lower than the Florida average of 15.2%.