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 104,401, 39,376 total housing units (homes and apartments), and a median house value of $118,214, house prices in Lakeland are solidly below the national average.
Single-family detached homes are the single most common housing type in Lakeland, accounting for 48.43% of the city's housing units. Other types of housing that are prevalent in Lakeland include large apartment complexes or high rise apartments ( 19.57%), mobile homes or trailers ( 17.25%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 10.53%).
People in Lakeland primarily live in small (one, two or no bedroom) single-family detached homes. Lakeland has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Lakeland 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 Lakeland built between 1940-1969 ( 22.69%). A lesser amount of the housing stock also hails from between 2000 and later ( 15.63%). There's also some housing in Lakeland built before 1939 ( 6.42%).
Vacant housing appears to be an issue in Lakeland. Fully 18.21% of the housing stock is classified as vacant. Left unchecked, vacant Lakeland homes and apartments can be a drag on the real estate market, holding Lakeland 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.
Homes have actually lost value in Lakeland over the last then years, as home values have seen a decline of 21.85% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Lakeland home appreciation rates at 3.57%, which equates to an annual appreciation rate of 15.08%.
Appreciation rates are so strong in Lakeland that despite a nationwide downturn in the housing market, Lakeland real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Lakeland appreciation rates continue to be some of the highest in America, at 10.53%, which is higher than appreciation rates in 95.21% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Lakeland. Lakeland appreciation rates in the latest quarter were at 3.57%, which equates to an annual appreciation rate of 15.08%.
Importantly, NeighborhoodScout’s exclusive research found that Lakeland's housing market shows one of the <a href="/blog/highest-appreciating-cities">top real estate appreciation rates in the U.S.A.</a> in the latest quarter, which may signal the city’s near-future real estate investment strength.
Relative to Florida, our data show that Lakeland's latest annual appreciation rate is higher 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 Lakeland differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Lakeland - 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 Lakeland real estate investment or home purchase decisions.
|$960,001 - $1,279,000||0.4|
|$640,001 - $960,000||1.2|
|$512,001 - $640,000||1.4|
|$384,001 - $512,000||3.6|
|$256,001 - $384,000||9.4|
|$128,001 - $256,000||30.4|
|$64,001 - $128,000||27.5|
|$0 - $64,000||25.7|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Lakeland HOMES|
|2000 or Newer||15.6|
|1970 - 1999||55.3|
|1940 - 1969||22.7|
|1939 or Older||6.4|
|TYPE OF Lakeland HOMES|
|Small Apt. Buildings||10.5|
|SIZE OF Lakeland HOMES|
|5 or more bedrooms||1.69|