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 | Westchase | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $449,977 | $293,727 | $242,182 |
| Price Trend (Annual %) | 12.2% | 12.0% | 8.2% |
| Median Gross Rent | $2,095 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.8% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Westchase is about 53% higher than in Florida. Rent is about 34% 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 Westchase, up about 12.2% and 6.8% a year respectively. Home prices are changing faster.
Median rent in Westchase rose about 62.0% between 2015 and 2023, from $1,293 to $2,095. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Westchase.
Buying the median-priced home in Westchase costs roughly 17.9 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 Westchase. The price-to-rent ratio in Florida is about 15.7.
| Metric | Westchase | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $449,977 | $293,727 | $242,182 |
| Median Household Income | $119,052 | $71,865 | $78,145 |
| Price-to-Income Ratio | 3.8 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Westchase rose about 144.4%, while median household income rose about 34.5% 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 | Westchase | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.6% | 57.1% | 58.2% |
| Rental Rate | 33.6% | 27.7% | 31.3% |
| Vacancy Rate | 5.8% | 15.2% | 10.6% |
| Median Tenure (years) | 10.0 | 13.0 | 15.0 |
| Median Year Moved In | 2016 | 2013 | 2011 |
Westchase has a homeownership rate of 60.6%, higher than the Florida average of 57.1%. Its housing vacancy rate is 5.8%, compared with 15.2% in Florida.
Housing Stock
| Metric | Westchase | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.53 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 2001 | 1987 | 1978 |
| Median Number of Rooms | 5.4 | 5.2 | 5.5 |
The typical housing unit in Westchase was built around 2001. On average, 2.5 people live in a home with about 5.4 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Westchase, Florida.
What is the median home price in Westchase, Florida?
The median home price in Westchase, Florida is $449,977, higher than the Florida average of $293,727.
What is the average home price in Westchase, 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 Westchase, Florida?
The median gross rent in Westchase, Florida is $2,095 per month, higher than the Florida average of $1,564.
What was the median gross rent in Westchase in 2020?
In 2020, the median gross rent in Westchase, Florida was $1,559 per month.
What is the price-to-rent ratio in Westchase, Florida?
The price-to-rent ratio in Westchase, Florida is about 17.9, meaning it would take roughly 17.9 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 Westchase.
Are home prices or rent rising faster in Westchase, Florida?
Both home prices and rent are rising in Westchase, up about 12.2% and 6.8% a year respectively. Home prices are changing faster.
What is the homeownership rate in Westchase, Florida?
60.6% of households in Westchase, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Westchase, Florida?
The housing vacancy rate in Westchase, Florida is 5.8%, lower than the Florida average of 15.2%.