Lake City, FL—32024
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Lake City, FL
As of Oct '25, the median home price in Lake City, FL is $317,000, with a year-over-year change of 0.0%. This indicates that home prices in Lake City, FL are flat. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $317,000 | 0.0% |
| Single Family | $317,000 | 0.0% |
| Condos | N/A | N/A |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $221,000 | -1.3% |
3 Bed | $303,000 | 0.0% |
4 Bed | $392,000 | 1.0% |
| 5 Bed | N/A | N/A |
% of Housing Stock
Rental Trends — Lake City, FL
As of July '25, Rentcast reports the average rent in Lake City, FL is $1,800, with a year-over-year rent change of -9.1%. Per bedroom, the median rent as of July '25 in Lake City, FL is 2-bedrooms: $1,280, 3-bedrooms: $1,670, 4-bedrooms: $2,260. The most common rental property sizes in Lake City, FL are 3-bedroom and 2-bedroom, accounting for 57.4% and 24.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $1,500 | $1,800 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | N/A | N/A |
| 2 Bed Rent | $1,300 | $1,280 |
| 3 Bed Rent | $1,600 | $1,670 |
| 4 Bed Rent | $2,500 | $2,260 |
% of Rental Stock
Property Listings — Lake City, FL
As of Oct '25, Realtor.com reports that the median days on market for a home in Lake City, FL is 81. This is a decrease of -15.0% from last year, suggesting that homes are sitting on the market shorter than last year. The percentage of listed homes with a reduced price is 32.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $381,000 | -2.0% |
Listing Count | 101 | 20.0% |
| Listings as % of Homes | 0.9% | 20.0% |
Days on Market | 81 | -15.0% |
Demographics — Lake City, FL
As of the latest ACS Survey released in 2023, Lake City, FL has a population of 20,600, which has increased by 6.5% over the past 5 years. Lake City, FL is a moderately popular place for families, as children make up 22.6% of the population. The area has a poorly educated workforce, with 16.0% of adult residents holding a bachelor’s degree or higher. There are few residents working remotely, with 9.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 20,600 | 6.5% |
% Under 18 | 22.6% | -3.4% |
% Seniors | 21.1% | 9.9% |
% WFH | 9.8% | 108.5% |
% w/ College Degree | 16.0% | -7.5% |
As of the latest ACS Survey released in 2023, Lake City, FL is a predominantly white area, with 78.2% of the population identifying as white. The white population has shrunk by 6.2% in the last 5 years. The second most common race or ethnicity in Lake City, FL is hispanic, making up 10.0% of the population. Foreign-born residents account for 5.5% of the population in Lake City, FL, and this percentage has increased by 27.9% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 78.2% | -6.2% |
% Black | 6.0% | -3.2% |
% Hispanic | 10.0% | 63.9% |
% Asian | 1.6% | 100.0% |
% Foreign Born | 5.5% | 27.9% |
Mortgage and Risk — Lake City, FL
According to HUD data as of 2023, there were 346 mortgage originations in Lake City, FL, of which 61.0% of loans were conventional mortgages. The average loan-to-value was 70.0%, with 40.0% above 90% LTV (very high). This implies large mortgage risk in Lake City, FL. Investor activity is low, as 1.0% of loans were by investors. 18.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 346 |
% Conventional Loans | 61.0% |
% Government Loans | 39.0% |
% Investor Loans | 1.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 18.0% |
Loan Activity
Rentals and Section 8 — Lake City, FL
Lake City, FL lacks sufficient Section 8 program data for analysis.
Section 8 Market Size
Total Units under HUD | 20 |
Total Units Section 8 | 20 |
% Rentals under Section 8 | N/A |
% Occupied Section 8 | 69.0% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | N/A | N/A | $950 |
| 2 Bedroom | -$70 | $1,300 | $1,230 |
| 3 Bedroom | -$110 | $1,600 | $1,490 |
| 4 Bedroom | -$860 | $2,500 | $1,640 |
Affordability — Lake City, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 4.8 |
| Median Home Price | $317,000 |
| Median Household Income | $62,100 |