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 | Monroe County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $832,746 | $293,727 | $242,182 |
| Price Trend (Annual %) | 11.2% | 12.0% | 8.2% |
| Median Gross Rent | $1,958 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 4.3% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Monroe County is about 184% higher than in Florida. Rent is about 25% higher 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 Monroe County, up about 11.2% and 4.3% a year respectively. Home prices are changing faster.
Median rent in Monroe County rose about 41.4% between 2015 and 2023, from $1,384 to $1,958. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 10.0 yearly household incomes in Monroe County.
Buying the median-priced home in Monroe County costs roughly 35.4 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 Monroe County. The price-to-rent ratio in Florida is about 15.7.
| Metric | Monroe County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $832,746 | $293,727 | $242,182 |
| Median Household Income | $83,464 | $71,865 | $78,145 |
| Price-to-Income Ratio | 10.0 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Monroe County rose about 79.3%, while median household income rose about 50.7% 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 | Monroe County | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 40.3% | 57.1% | 58.2% |
| Rental Rate | 23.3% | 27.7% | 31.3% |
| Vacancy Rate | 36.4% | 15.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Monroe County has a homeownership rate of 40.3%, lower than the Florida average of 57.1%. Its housing vacancy rate is 36.4%, compared with 15.2% in Florida.
Housing Stock
| Metric | Monroe County | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1979 | 1987 | 1978 |
| Median Number of Rooms | 4.1 | 5.2 | 5.5 |
The typical housing unit in Monroe County was built around 1979. On average, 2.3 people live in a home with about 4.1 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Monroe County, Florida.
What is the median home price in Monroe County, Florida?
The median home price in Monroe County, Florida is $832,746, higher than the Florida average of $293,727.
What is the average home price in Monroe 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 Monroe County, Florida?
The median gross rent in Monroe County, Florida is $1,958 per month, higher than the Florida average of $1,564.
What was the median gross rent in Monroe County in 2020?
In 2020, the median gross rent in Monroe County, Florida was $1,714 per month.
What is the price-to-rent ratio in Monroe County, Florida?
The price-to-rent ratio in Monroe County, Florida is about 35.4, meaning it would take roughly 35.4 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 Monroe County.
Are home prices or rent rising faster in Monroe County, Florida?
Both home prices and rent are rising in Monroe County, up about 11.2% and 4.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Monroe County, Florida?
40.3% of households in Monroe County, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Monroe County, Florida?
The housing vacancy rate in Monroe County, Florida is 36.4%, higher than the Florida average of 15.2%.