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.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Union County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $293,727 | $242,182 |
| Price Trend (Annual %) | 33.0% | 12.0% | 8.2% |
| Median Gross Rent | $845 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.4% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Union County is about 6% lower than in Florida. Rent is about 46% 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 Union County, up about 33.0% and 5.4% a year respectively. Home prices are changing faster.
Median rent in Union County rose about 32.3% between 2015 and 2023, from $639 to $845. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 4.2 yearly household incomes in Union County.
Buying the median-priced home in Union County costs roughly 27.1 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 Union County. The price-to-rent ratio in Florida is about 15.7.
| Metric | Union County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $275,000 | $293,727 | $242,182 |
| Median Household Income | $65,699 | $71,865 | $78,145 |
| Price-to-Income Ratio | 4.2 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Union County rose about 113.7%, while median household income rose about 61.8% 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 | Union County | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.6% | 57.1% | 58.2% |
| Rental Rate | 23.2% | 27.7% | 31.3% |
| Vacancy Rate | 12.2% | 15.2% | 10.6% |
| Median Tenure (years) | 16.0 | 13.0 | 15.0 |
| Median Year Moved In | 2010 | 2013 | 2011 |
Union County has a homeownership rate of 64.6%, higher than the Florida average of 57.1%. Its housing vacancy rate is 12.2%, compared with 15.2% in Florida.
Housing Stock
| Metric | Union County | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.58 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1990 | 1987 | 1978 |
| Median Number of Rooms | 5.5 | 5.2 | 5.5 |
The typical housing unit in Union County was built around 1990. On average, 2.6 people live in a home with about 5.5 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Union County, Florida.
What is the median home price in Union County, Florida?
The median home price in Union County, Florida is $275,000, lower than the Florida average of $293,727.
What is the average home price in Union County, 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 Union County, Florida?
The median gross rent in Union County, Florida is $845 per month, lower than the Florida average of $1,564.
What was the median gross rent in Union County in 2020?
In 2020, the median gross rent in Union County, Florida was $671 per month.
What is the price-to-rent ratio in Union County, Florida?
The price-to-rent ratio in Union County, Florida is about 27.1, meaning it would take roughly 27.1 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 Union County.
Are home prices or rent rising faster in Union County, Florida?
Both home prices and rent are rising in Union County, up about 33.0% and 5.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Union County, Florida?
64.6% of households in Union County, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Union County, Florida?
The housing vacancy rate in Union County, Florida is 12.2%, lower than the Florida average of 15.2%.