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 | Indian River County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $254,519 | $293,727 | $242,182 |
| Price Trend (Annual %) | 4.0% | 12.0% | 8.2% |
| Median Gross Rent | $1,283 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Indian River County is about 13% lower than in Florida. Rent is about 18% 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 Indian River County, up about 4.0% and 5.6% a year respectively. Rent is changing faster.
Median rent in Indian River County rose about 49.4% between 2015 and 2023, from $859 to $1,283. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 3.6 yearly household incomes in Indian River County.
Buying the median-priced home in Indian River County costs roughly 16.5 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 Indian River County. The price-to-rent ratio in Florida is about 15.7.
| Metric | Indian River County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $254,519 | $293,727 | $242,182 |
| Median Household Income | $70,220 | $71,865 | $78,145 |
| Price-to-Income Ratio | 3.6 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Indian River County rose about 27.3%, while median household income rose about 50.7% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Indian River County | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 64.0% | 57.1% | 58.2% |
| Rental Rate | 16.7% | 27.7% | 31.3% |
| Vacancy Rate | 19.3% | 15.2% | 10.6% |
| Median Tenure (years) | 14.0 | 13.0 | 15.0 |
| Median Year Moved In | 2012 | 2013 | 2011 |
Indian River County has a homeownership rate of 64.0%, higher than the Florida average of 57.1%. Its housing vacancy rate is 19.3%, compared with 15.2% in Florida.
Housing Stock
| Metric | Indian River County | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.36 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1992 | 1987 | 1978 |
| Median Number of Rooms | 5.4 | 5.2 | 5.5 |
The typical housing unit in Indian River County was built around 1992. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Indian River County, Florida.
What is the median home price in Indian River County, Florida?
The median home price in Indian River County, Florida is $254,519, lower than the Florida average of $293,727.
What is the average home price in Indian River 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 Indian River County, Florida?
The median gross rent in Indian River County, Florida is $1,283 per month, lower than the Florida average of $1,564.
What was the median gross rent in Indian River County in 2020?
In 2020, the median gross rent in Indian River County, Florida was $993 per month.
What is the price-to-rent ratio in Indian River County, Florida?
The price-to-rent ratio in Indian River County, Florida is about 16.5, meaning it would take roughly 16.5 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 Indian River County.
Are home prices or rent rising faster in Indian River County, Florida?
Both home prices and rent are rising in Indian River County, up about 4.0% and 5.6% a year respectively. Rent is changing faster.
What is the homeownership rate in Indian River County, Florida?
64.0% of households in Indian River County, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Indian River County, Florida?
The housing vacancy rate in Indian River County, Florida is 19.3%, higher than the Florida average of 15.2%.