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 | Florence County | Wisconsin Avg | US Average |
|---|---|---|---|
| Median Home Price | $79,090 | $176,921 | $242,182 |
| Price Trend (Annual %) | -7.3% | 5.3% | 8.2% |
| Median Gross Rent | $870 | $1,045 | $1,342 |
| Rent Trend (Annual %) | 9.8% | 4.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Florence County is about 55% lower than in Wisconsin. Rent is about 17% lower than the Wisconsin average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Florence County: home prices fell about 7.3% a year while rent rose about 9.8% a year. That is an unusual pattern worth watching.
Median rent in Florence County rose about 72.1% between 2015 and 2023, from $506 to $870. Over the same span, rent in Wisconsin rose about 34.7%.
Affordability
On average, housing unit costs 1.3 yearly household incomes in Florence County.
Buying the median-priced home in Florence County costs roughly 7.6 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Florence County. The price-to-rent ratio in Wisconsin is about 14.1.
| Metric | Florence County | Wisconsin Avg | US Average |
|---|---|---|---|
| Median Home Price | $79,090 | $176,921 | $242,182 |
| Median Household Income | $62,500 | $75,766 | $78,145 |
| Price-to-Income Ratio | 1.3 | 2.3 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Florence County fell about 49.0%, while median household income rose about 63.5% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Florence County | Wisconsin Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 40.7% | 60.4% | 58.2% |
| Rental Rate | 4.6% | 28.6% | 31.3% |
| Vacancy Rate | 54.7% | 11.1% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Florence County has a homeownership rate of 40.7%, lower than the Wisconsin average of 60.4%. Its housing vacancy rate is 54.7%, compared with 11.1% in Wisconsin.
Housing Stock
| Metric | Florence County | Wisconsin Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.16 people | 2.35 people | 2.54 people |
| Median Structure Built Year | 1967 | 1973 | 1978 |
| Median Number of Rooms | 4.9 | 5.6 | 5.5 |
The typical housing unit in Florence County was built around 1967. On average, 2.2 people live in a home with about 4.9 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Florence County, Wisconsin.
What is the median home price in Florence County, Wisconsin?
The median home price in Florence County, Wisconsin is $79,090, lower than the Wisconsin average of $176,921.
What is the average home price in Florence County, Wisconsin?
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 Florence County, Wisconsin?
The median gross rent in Florence County, Wisconsin is $870 per month, lower than the Wisconsin average of $1,045.
What was the median gross rent in Florence County in 2020?
In 2020, the median gross rent in Florence County, Wisconsin was $477 per month.
What is the price-to-rent ratio in Florence County, Wisconsin?
The price-to-rent ratio in Florence County, Wisconsin is about 7.6, meaning it would take roughly 7.6 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Florence County.
Are home prices or rent rising faster in Florence County, Wisconsin?
Home prices and rent are moving in opposite directions in Florence County: home prices fell about 7.3% a year while rent rose about 9.8% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Florence County, Wisconsin?
40.7% of households in Florence County, Wisconsin own their home, lower than the Wisconsin average of 60.4%.
What is the vacancy rate in Florence County, Wisconsin?
The housing vacancy rate in Florence County, Wisconsin is 54.7%, higher than the Wisconsin average of 11.1%.