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 | West Little River | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $888,978 | $293,727 | $242,182 |
| Price Trend (Annual %) | 56.4% | 12.0% | 8.2% |
| Median Gross Rent | $1,368 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.8% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in West Little River is about 203% higher than in Florida. Rent is about 12% 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 West Little River, up about 56.4% and 6.8% a year respectively. Home prices are changing faster.
Median rent in West Little River rose about 60.7% between 2015 and 2023, from $852 to $1,368. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 16.4 yearly household incomes in West Little River.
Buying the median-priced home in West Little River costs roughly 54.1 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 West Little River. The price-to-rent ratio in Florida is about 15.7.
| Metric | West Little River | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $888,978 | $293,727 | $242,182 |
| Median Household Income | $54,088 | $71,865 | $78,145 |
| Price-to-Income Ratio | 16.4 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in West Little River rose about 770.2%, while median household income rose about 70.2% 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 | West Little River | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.5% | 57.1% | 58.2% |
| Rental Rate | 37.6% | 27.7% | 31.3% |
| Vacancy Rate | 4.8% | 15.2% | 10.6% |
| Median Tenure (years) | 21.0 | 13.0 | 15.0 |
| Median Year Moved In | 2005 | 2013 | 2011 |
West Little River has a homeownership rate of 57.5%, about the same as the Florida average of 57.1%. Its housing vacancy rate is 4.8%, compared with 15.2% in Florida.
Housing Stock
| Metric | West Little River | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.16 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1959 | 1987 | 1978 |
| Median Number of Rooms | 4.8 | 5.2 | 5.5 |
The typical housing unit in West Little River was built around 1959. On average, 3.2 people live in a home with about 4.8 rooms, staying for about 21.0 years on average.
Frequently Asked Questions
Common questions about the housing market in West Little River, Florida.
What is the median home price in West Little River, Florida?
The median home price in West Little River, Florida is $888,978, higher than the Florida average of $293,727.
What is the average home price in West Little River, 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 West Little River, Florida?
The median gross rent in West Little River, Florida is $1,368 per month, lower than the Florida average of $1,564.
What was the median gross rent in West Little River in 2020?
In 2020, the median gross rent in West Little River, Florida was $1,166 per month.
What is the price-to-rent ratio in West Little River, Florida?
The price-to-rent ratio in West Little River, Florida is about 54.1, meaning it would take roughly 54.1 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 West Little River.
Are home prices or rent rising faster in West Little River, Florida?
Both home prices and rent are rising in West Little River, up about 56.4% and 6.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in West Little River, Florida?
57.5% of households in West Little River, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in West Little River, Florida?
The housing vacancy rate in West Little River, Florida is 4.8%, lower than the Florida average of 15.2%.