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 | Westchester | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $456,962 | $293,727 | $242,182 |
| Price Trend (Annual %) | 14.3% | 12.0% | 8.2% |
| Median Gross Rent | $1,734 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.3% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Westchester is about 56% higher than in Florida. Rent is about 11% 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 Westchester, up about 14.3% and 5.3% a year respectively. Home prices are changing faster.
Median rent in Westchester rose about 46.4% between 2015 and 2023, from $1,184 to $1,734. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 6.0 yearly household incomes in Westchester.
Buying the median-priced home in Westchester costs roughly 22.0 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 Westchester. The price-to-rent ratio in Florida is about 15.7.
| Metric | Westchester | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $456,962 | $293,727 | $242,182 |
| Median Household Income | $75,954 | $71,865 | $78,145 |
| Price-to-Income Ratio | 6.0 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Westchester rose about 103.1%, while median household income rose about 73.0% 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 | Westchester | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 65.5% | 57.1% | 58.2% |
| Rental Rate | 30.7% | 27.7% | 31.3% |
| Vacancy Rate | 3.9% | 15.2% | 10.6% |
| Median Tenure (years) | 19.0 | 13.0 | 15.0 |
| Median Year Moved In | 2007 | 2013 | 2011 |
Westchester has a homeownership rate of 65.5%, higher than the Florida average of 57.1%. Its housing vacancy rate is 3.9%, compared with 15.2% in Florida.
Housing Stock
| Metric | Westchester | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.79 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1970 | 1987 | 1978 |
| Median Number of Rooms | 5.4 | 5.2 | 5.5 |
The typical housing unit in Westchester was built around 1970. On average, 2.8 people live in a home with about 5.4 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Westchester, Florida.
What is the median home price in Westchester, Florida?
The median home price in Westchester, Florida is $456,962, higher than the Florida average of $293,727.
What is the average home price in Westchester, 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 Westchester, Florida?
The median gross rent in Westchester, Florida is $1,734 per month, higher than the Florida average of $1,564.
What was the median gross rent in Westchester in 2020?
In 2020, the median gross rent in Westchester, Florida was $1,406 per month.
What is the price-to-rent ratio in Westchester, Florida?
The price-to-rent ratio in Westchester, Florida is about 22.0, meaning it would take roughly 22.0 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 Westchester.
Are home prices or rent rising faster in Westchester, Florida?
Both home prices and rent are rising in Westchester, up about 14.3% and 5.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Westchester, Florida?
65.5% of households in Westchester, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Westchester, Florida?
The housing vacancy rate in Westchester, Florida is 3.9%, lower than the Florida average of 15.2%.