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.
Housing Market Overview
| Metric | Islamorada, Village of Islands | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $550,627 | $293,727 | $242,182 |
| Price Trend (Annual %) | -8.2% | 12.0% | 8.2% |
| Median Gross Rent | $1,908 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Islamorada, Village of Islands is about 87% higher than in Florida. Rent is about 22% higher than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2016-2021
Median Rent Prices, 2015-2023
Home prices and rent are moving in opposite directions in Islamorada, Village of Islands: home prices fell about 8.2% a year while rent rose about 4.6% a year. That is an unusual pattern worth watching.
Median rent in Islamorada, Village of Islands rose about 42.7% between 2015 and 2023, from $1,337 to $1,908. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 5.7 yearly household incomes in Islamorada, Village of Islands.
Buying the median-priced home in Islamorada, Village of Islands costs roughly 24.0 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Islamorada, Village of Islands. The price-to-rent ratio in Florida is about 15.7.
| Metric | Islamorada, Village of Islands | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $550,627 | $293,727 | $242,182 |
| Median Household Income | $96,957 | $71,865 | $78,145 |
| Price-to-Income Ratio | 5.7 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2016 and 2021, the median home price in Islamorada, Village of Islands fell about 35.4%, while median household income rose about 49.6% 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 | Islamorada, Village of Islands | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 43.7% | 57.1% | 58.2% |
| Rental Rate | 9.4% | 27.7% | 31.3% |
| Vacancy Rate | 46.9% | 15.2% | 10.6% |
| Median Tenure (years) | 14.0 | 13.0 | 15.0 |
| Median Year Moved In | 2012 | 2013 | 2011 |
Islamorada, Village of Islands has a homeownership rate of 43.7%, lower than the Florida average of 57.1%. Its housing vacancy rate is 46.9%, compared with 15.2% in Florida.
Housing Stock
| Metric | Islamorada, Village of Islands | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.21 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1982 | 1987 | 1978 |
| Median Number of Rooms | 4.5 | 5.2 | 5.5 |
The typical housing unit in Islamorada, Village of Islands was built around 1982. On average, 2.2 people live in a home with about 4.5 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Islamorada, Village of Islands, Florida.
What is the median home price in Islamorada, Village of Islands, Florida?
The median home price in Islamorada, Village of Islands, Florida is $550,627, higher than the Florida average of $293,727.
What is the average home price in Islamorada, Village of Islands, 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 Islamorada, Village of Islands, Florida?
The median gross rent in Islamorada, Village of Islands, Florida is $1,908 per month, higher than the Florida average of $1,564.
What was the median gross rent in Islamorada, Village of Islands in 2020?
In 2020, the median gross rent in Islamorada, Village of Islands, Florida was $1,763 per month.
What is the price-to-rent ratio in Islamorada, Village of Islands, Florida?
The price-to-rent ratio in Islamorada, Village of Islands, Florida is about 24.0, meaning it would take roughly 24.0 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Islamorada, Village of Islands.
Are home prices or rent rising faster in Islamorada, Village of Islands, Florida?
Home prices and rent are moving in opposite directions in Islamorada, Village of Islands: home prices fell about 8.2% a year while rent rose about 4.6% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Islamorada, Village of Islands, Florida?
43.7% of households in Islamorada, Village of Islands, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Islamorada, Village of Islands, Florida?
The housing vacancy rate in Islamorada, Village of Islands, Florida is 46.9%, higher than the Florida average of 15.2%.