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 a population of 38,267, 13,144 total housing units (homes and apartments), and a median house value of $203,602, Lake Worth real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Lake Worth, accounting for 49.30% of the city's housing units. Other types of housing that are prevalent in Lake Worth include large apartment complexes or high rise apartments ( 31.06%), duplexes, homes converted to apartments or other small apartment buildings ( 14.24%), and a few mobile homes or trailers ( 3.49%).
People in Lake Worth primarily live in small (one, two or no bedroom) single-family detached homes. Lake Worth has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Lake Worth's housing was primarily built during this period, from the '40s through the '60s. A full 44.52% of the city's housing hails from this era. Other housing ages represented in Lake Worth include homes built between 1970-1999 ( 35.82%) and housing constructed before 1939 ( 12.77%). There's also some housing in Lake Worth built between 2000 and later ( 6.89%).
Vacant housing appears to be an issue in Lake Worth. Fully 16.19% of the housing stock is classified as vacant. Left unchecked, vacant Lake Worth homes and apartments can be a drag on the real estate market, holding Lake Worth 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 Worth has experienced some of the highest home appreciation rates of any community in the nation. Lake Worth real estate appreciated 86.81% over the last ten years, which is an average annual home appreciation rate of 6.45%, putting Lake Worth in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Lake Worth definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Over the last year, Lake Worth appreciation rates have trailed the rest of the nation. In the last twelve months, Lake Worth's appreciation rate has been 4.13%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Lake Worth were at 0.30%, which equates to an annual appreciation rate of 1.20%.
Notably, Lake Worth's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Florida, our data show that Lake Worth's latest annual appreciation rate is lower than 70% 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 Worth differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lake Worth - 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 Worth real estate investment or home purchase decisions.
|$971,001 - $1,294,000||0.5|
|$647,001 - $971,000||1.4|
|$517,001 - $647,000||2.6|
|$388,001 - $517,000||7.1|
|$259,001 - $388,000||24.2|
|$130,001 - $259,000||36.9|
|$64,001 - $130,000||19.2|
|$0 - $64,000||7.3|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2019 Q4 - 2020 Q1
Last 12 Months:
2019 Q1 - 2020 Q1
Last 2 Years:
2018 Q1 - 2020 Q1
Last 5 Years:
2015 Q1 - 2020 Q1
Last 10 Years:
2010 Q1 - 2020 Q1
2000 Q1 - 2020 Q1
|* 10 is highest|
|AGE OF Lake Worth HOMES|
|2000 or Newer||6.9|
|1970 - 1999||35.8|
|1940 - 1969||44.5|
|1939 or Older||12.8|
|TYPE OF Lake Worth HOMES|
|Small Apt. Buildings||14.2|
|SIZE OF Lake Worth HOMES|
|5 or more bedrooms||0.77|