Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Bay County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $321,546 | $293,727 | $242,182 |
| Price Trend (Annual %) | 10.8% | 12.0% | 8.2% |
| Median Gross Rent | $1,423 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bay County is about 9% higher than in Florida. Rent is about 9% lower than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Bay County, up about 10.8% and 6.1% a year respectively. Home prices are changing faster.
Median rent in Bay County rose about 54.5% between 2015 and 2023, from $921 to $1,423. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 4.6 yearly household incomes in Bay County.
Buying the median-priced home in Bay County costs roughly 18.8 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Bay County. The price-to-rent ratio in Florida is about 15.7.
| Metric | Bay County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $321,546 | $293,727 | $242,182 |
| Median Household Income | $70,002 | $71,865 | $78,145 |
| Price-to-Income Ratio | 4.6 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bay County rose about 160.0%, while median household income rose about 51.2% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Bay County | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.9% | 57.1% | 58.2% |
| Rental Rate | 22.7% | 27.7% | 31.3% |
| Vacancy Rate | 28.3% | 15.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Bay County has a homeownership rate of 48.9%, lower than the Florida average of 57.1%. Its housing vacancy rate is 28.3%, compared with 15.2% in Florida.
Housing Stock
| Metric | Bay County | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.35 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1991 | 1987 | 1978 |
| Median Number of Rooms | 5.0 | 5.2 | 5.5 |
The typical housing unit in Bay County was built around 1991. On average, 2.3 people live in a home with about 5.0 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bay County, Florida.
What is the median home price in Bay County, Florida?
The median home price in Bay County, Florida is $321,546, higher than the Florida average of $293,727.
What is the average home price in Bay County, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Bay County, Florida?
The median gross rent in Bay County, Florida is $1,423 per month, lower than the Florida average of $1,564.
What was the median gross rent in Bay County in 2020?
In 2020, the median gross rent in Bay County, Florida was $1,099 per month.
What is the price-to-rent ratio in Bay County, Florida?
The price-to-rent ratio in Bay County, Florida is about 18.8, meaning it would take roughly 18.8 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Bay County.
Are home prices or rent rising faster in Bay County, Florida?
Both home prices and rent are rising in Bay County, up about 10.8% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bay County, Florida?
48.9% of households in Bay County, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Bay County, Florida?
The housing vacancy rate in Bay County, Florida is 28.3%, higher than the Florida average of 15.2%.