Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With 12,116 people, 4,556 houses or apartments, and a median cost of homes of $186,936, Lake City real estate and house prices are near the national average for all cities and towns.
Single-family detached homes are the single most common housing type in Lake City, accounting for 62.33% of the city's housing units. Other types of housing that are prevalent in Lake City include large apartment complexes or high rise apartments ( 17.44%), duplexes, homes converted to apartments or other small apartment buildings ( 14.78%), and a few mobile homes or trailers ( 4.44%).
The most prevalent building size and type in Lake City are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 45.83% owning and 54.17% renting.
There is a lot of housing in Lake City built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Lake City built between 2000 and later ( 30.81%). A lesser amount of the housing stock also hails from between 1940-1969 ( 23.54%). There's also some housing in Lake City built before 1939 ( 5.48%).
Vacant housing appears to be an issue in Lake City. Fully 11.72% of the housing stock is classified as vacant. Left unchecked, vacant Lake City homes and apartments can be a drag on the real estate market, holding Lake City real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
In the last 10 years, Lake City has experienced some of the highest home appreciation rates of any community in the nation. Lake City real estate appreciated 47.64% over the last ten years, which is an average annual home appreciation rate of 3.97%, putting Lake City in the top 20% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lake City definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Lake City that despite a nationwide downturn in the housing market, Lake City real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lake City appreciation rates continue to be some of the highest in America, at 6.77%, which is higher than appreciation rates in 88.74% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lake City. Lake City appreciation rates in the latest quarter were at 0.19%, which equates to an annual appreciation rate of 0.78%.
Notably, Lake City's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Florida, our data show that Lake City's latest annual appreciation rate is higher than 80% of the other cities and towns in Florida.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Lake City differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lake City - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Lake City real estate investment or home purchase decisions.
|$1,001,001 - $1,336,000||0.1|
|$668,001 - $1,001,000||1.6|
|$534,001 - $668,000||1.8|
|$401,001 - $534,000||5.2|
|$267,001 - $401,000||11.1|
|$134,001 - $267,000||40.0|
|$67,001 - $134,000||29.2|
|$0 - $67,000||10.8|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2019 Q2 - 2019 Q3
Last 12 Months:
2018 Q3 - 2019 Q3
Last 2 Years:
2017 Q3 - 2019 Q3
Last 5 Years:
2014 Q3 - 2019 Q3
Last 10 Years:
2009 Q3 - 2019 Q3
2000 Q1 - 2019 Q3
|* 10 is highest|
|AGE OF Lake City HOMES|
|2000 or Newer||30.8|
|1970 - 1999||40.2|
|1940 - 1969||23.5|
|1939 or Older||5.5|
|TYPE OF Lake City HOMES|
|Small Apt. Buildings||14.8|
|SIZE OF Lake City HOMES|
|5 or more bedrooms||1.30|