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 | Wekiwa Springs | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $362,410 | $293,727 | $242,182 |
| Price Trend (Annual %) | 13.6% | 12.0% | 8.2% |
| Median Gross Rent | $1,907 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.0% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Wekiwa Springs is about 23% higher than in Florida. Rent is about 22% 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 Wekiwa Springs, up about 13.6% and 6.0% a year respectively. Home prices are changing faster.
Median rent in Wekiwa Springs rose about 44.8% between 2015 and 2023, from $1,317 to $1,907. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Wekiwa Springs.
Buying the median-priced home in Wekiwa Springs costs roughly 15.8 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 Wekiwa Springs. The price-to-rent ratio in Florida is about 15.7.
| Metric | Wekiwa Springs | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $362,410 | $293,727 | $242,182 |
| Median Household Income | $108,476 | $71,865 | $78,145 |
| Price-to-Income Ratio | 3.3 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Wekiwa Springs rose about 121.9%, while median household income rose about 45.4% 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 | Wekiwa Springs | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.9% | 57.1% | 58.2% |
| Rental Rate | 23.1% | 27.7% | 31.3% |
| Vacancy Rate | 4.0% | 15.2% | 10.6% |
| Median Tenure (years) | 15.0 | 13.0 | 15.0 |
| Median Year Moved In | 2011 | 2013 | 2011 |
Wekiwa Springs has a homeownership rate of 72.9%, higher than the Florida average of 57.1%. Its housing vacancy rate is 4.0%, compared with 15.2% in Florida.
Housing Stock
| Metric | Wekiwa Springs | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1980 | 1987 | 1978 |
| Median Number of Rooms | 6.4 | 5.2 | 5.5 |
The typical housing unit in Wekiwa Springs was built around 1980. On average, 2.5 people live in a home with about 6.4 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Wekiwa Springs, Florida.
What is the median home price in Wekiwa Springs, Florida?
The median home price in Wekiwa Springs, Florida is $362,410, higher than the Florida average of $293,727.
What is the average home price in Wekiwa Springs, 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 Wekiwa Springs, Florida?
The median gross rent in Wekiwa Springs, Florida is $1,907 per month, higher than the Florida average of $1,564.
What was the median gross rent in Wekiwa Springs in 2020?
In 2020, the median gross rent in Wekiwa Springs, Florida was $1,566 per month.
What is the price-to-rent ratio in Wekiwa Springs, Florida?
The price-to-rent ratio in Wekiwa Springs, Florida is about 15.8, meaning it would take roughly 15.8 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 Wekiwa Springs.
Are home prices or rent rising faster in Wekiwa Springs, Florida?
Both home prices and rent are rising in Wekiwa Springs, up about 13.6% and 6.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Wekiwa Springs, Florida?
72.9% of households in Wekiwa Springs, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Wekiwa Springs, Florida?
The housing vacancy rate in Wekiwa Springs, Florida is 4.0%, lower than the Florida average of 15.2%.