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 | Okaloosa County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $405,850 | $293,727 | $242,182 |
| Price Trend (Annual %) | 18.3% | 12.0% | 8.2% |
| Median Gross Rent | $1,474 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Okaloosa County is about 38% higher than in Florida. Rent is about 6% 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 Okaloosa County, up about 18.3% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Okaloosa County rose about 43.9% between 2015 and 2023, from $1,024 to $1,474. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 5.1 yearly household incomes in Okaloosa County.
Buying the median-priced home in Okaloosa County costs roughly 22.9 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 Okaloosa County. The price-to-rent ratio in Florida is about 15.7.
| Metric | Okaloosa County | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $405,850 | $293,727 | $242,182 |
| Median Household Income | $79,454 | $71,865 | $78,145 |
| Price-to-Income Ratio | 5.1 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Okaloosa County rose about 210.7%, while median household income rose about 47.5% 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 | Okaloosa County | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 55.6% | 57.1% | 58.2% |
| Rental Rate | 26.5% | 27.7% | 31.3% |
| Vacancy Rate | 17.9% | 15.2% | 10.6% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
Okaloosa County has a homeownership rate of 55.6%, lower than the Florida average of 57.1%. Its housing vacancy rate is 17.9%, compared with 15.2% in Florida.
Housing Stock
| Metric | Okaloosa County | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.49 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1990 | 1987 | 1978 |
| Median Number of Rooms | 5.6 | 5.2 | 5.5 |
The typical housing unit in Okaloosa County was built around 1990. On average, 2.5 people live in a home with about 5.6 rooms, staying for about 12.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Okaloosa County, Florida.
What is the median home price in Okaloosa County, Florida?
The median home price in Okaloosa County, Florida is $405,850, higher than the Florida average of $293,727.
What is the average home price in Okaloosa 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 Okaloosa County, Florida?
The median gross rent in Okaloosa County, Florida is $1,474 per month, lower than the Florida average of $1,564.
What was the median gross rent in Okaloosa County in 2020?
In 2020, the median gross rent in Okaloosa County, Florida was $1,156 per month.
What is the price-to-rent ratio in Okaloosa County, Florida?
The price-to-rent ratio in Okaloosa County, Florida is about 22.9, meaning it would take roughly 22.9 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 Okaloosa County.
Are home prices or rent rising faster in Okaloosa County, Florida?
Both home prices and rent are rising in Okaloosa County, up about 18.3% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Okaloosa County, Florida?
55.6% of households in Okaloosa County, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Okaloosa County, Florida?
The housing vacancy rate in Okaloosa County, Florida is 17.9%, higher than the Florida average of 15.2%.