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 about Scout's Real Estate Data
With a population of 12,449, 4,869 total housing units (homes and apartments), and a median house value of $272,845, 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 53.45% of the city's housing units. Other types of housing that are prevalent in Lake City include large apartment complexes or high rise apartments ( 22.11%), duplexes, homes converted to apartments or other small apartment buildings ( 19.34%), and a few mobile homes or trailers ( 4.78%).
People in Lake City primarily live in small (one, two or no bedroom) single-family detached homes. Lake City has a mixture of owner-occupied and renter-occupied housing.
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 1940-1969 ( 29.13%). A lesser amount of the housing stock also hails from between 2000 and later ( 28.56%). There's also some housing in Lake City built before 1939 ( 9.20%).
Vacant housing appears to be an issue in Lake City. Fully 11.08% 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 139.63% over the last ten years, which is an average annual home appreciation rate of 9.13%, putting Lake City in the top 10% 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.
Over the last year, Lake City appreciation rates have trailed the rest of the nation. In the last twelve months, Lake City's appreciation rate has been 0.94%, 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 City were at -2.36%, which equates to an annual appreciation rate of -9.13%.
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 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 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.
$272,845
for Florida
for nation
4,869
$1,626 / per month