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 | Martin County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $330,806 | $293,727 | $242,182 |
| Price Trend (Annual %) | 9.1% | 12.0% | 8.2% |
| Median Gross Rent | $1,498 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Martin County is about 13% higher than in Florida. Rent is about 4% 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 Martin County, up about 9.1% and 6.1% a year respectively. Home prices are changing faster.
Median rent in Martin County rose about 54.3% between 2015 and 2023, from $971 to $1,498. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 4.1 yearly household incomes in Martin County.
Buying the median-priced home in Martin County costs roughly 18.4 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 Martin County. The price-to-rent ratio in Florida is about 15.7.
| Metric | Martin County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $330,806 | $293,727 | $242,182 |
| Median Household Income | $81,656 | $71,865 | $78,145 |
| Price-to-Income Ratio | 4.1 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Martin County rose about 93.0%, while median household income rose about 53.3% 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 | Martin County | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.0% | 57.1% | 58.2% |
| Rental Rate | 16.4% | 27.7% | 31.3% |
| Vacancy Rate | 17.6% | 15.2% | 10.6% |
| Median Tenure (years) | 14.0 | 13.0 | 15.0 |
| Median Year Moved In | 2012 | 2013 | 2011 |
Martin County has a homeownership rate of 66.0%, higher than the Florida average of 57.1%. Its housing vacancy rate is 17.6%, compared with 15.2% in Florida.
Housing Stock
| Metric | Martin County | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.30 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1990 | 1987 | 1978 |
| Median Number of Rooms | 5.4 | 5.2 | 5.5 |
The typical housing unit in Martin County was built around 1990. On average, 2.3 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 Martin County, Florida.
What is the median home price in Martin County, Florida?
The median home price in Martin County, Florida is $330,806, higher than the Florida average of $293,727.
What is the average home price in Martin 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 Martin County, Florida?
The median gross rent in Martin County, Florida is $1,498 per month, lower than the Florida average of $1,564.
What was the median gross rent in Martin County in 2020?
In 2020, the median gross rent in Martin County, Florida was $1,151 per month.
What is the price-to-rent ratio in Martin County, Florida?
The price-to-rent ratio in Martin County, Florida is about 18.4, meaning it would take roughly 18.4 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 Martin County.
Are home prices or rent rising faster in Martin County, Florida?
Both home prices and rent are rising in Martin County, up about 9.1% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Martin County, Florida?
66.0% of households in Martin County, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Martin County, Florida?
The housing vacancy rate in Martin County, Florida is 17.6%, higher than the Florida average of 15.2%.