Palm Springs, Florida Housing Market Prices
Palm Springs Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 42% below the Florida median$181,406
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Median rent 2% above the Florida median$1,703
Housing Market Overview
| Metric | Palm Springs | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $181,406 | $311,338 | $248,835 |
| Price Trend (Annual %) | 7.0% | 11.2% | 7.5% |
| Median Gross Rent | $1,703 | $1,668 | $1,407 |
| Rent Trend (Annual %) | 6.1% | 6.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Palm Springs is about 42% lower than in Florida. Rent is about 2% higher than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Palm Springs, up about 7.0% and 6.1% a year respectively. Home prices are changing faster.
Median rent in Palm Springs rose about 67.6% between 2015 and 2024, from $1,016 to $1,703. Over the same span, rent in Florida rose about 66.5%.
Affordability
On average, housing unit costs 2.6 yearly household incomes in Palm Springs.
Buying the median-priced home in Palm Springs costs roughly 8.9 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Palm Springs. The price-to-rent ratio in Florida is about 15.6.
| Metric | Palm Springs | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $181,406 | $311,338 | $248,835 |
| Median Household Income | $68,896 | $74,580 | $80,455 |
| Price-to-Income Ratio | 2.6 | 4.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Palm Springs rose about 308.9%, while median household income rose about 49.0% between 2009 and 2025 — 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 | Palm Springs | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 50.0% | 57.7% | 58.5% |
| Rental Rate | 39.3% | 27.7% | 31.2% |
| Vacancy Rate | 10.7% | 14.6% | 10.2% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
Palm Springs has a homeownership rate of 50.0%, lower than the Florida average of 57.7%. Its housing vacancy rate is 10.7%, compared with 14.6% in Florida.
Housing Stock
| Metric | Palm Springs | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.01 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1978 | 1988 | 1978 |
| Median Number of Rooms | 4.7 | 5.2 | 5.5 |
The typical housing unit in Palm Springs was built around 1978. On average, 3.0 people live in a home with about 4.7 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Palm Springs, Florida.
What is the median home price in Palm Springs, Florida?
The median home price in Palm Springs, Florida is $181,406, lower than the Florida average of $311,338.
What is the average home price in Palm Springs, Florida?
The typical home price in Palm Springs, Florida, reported as the median sale price, is $181,406. 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 Palm Springs, Florida?
The median gross rent in Palm Springs, Florida is $1,703 per month, higher than the Florida average of $1,668.
What was the median gross rent in Palm Springs in 2020?
In 2020, the median gross rent in Palm Springs, Florida was $1,229 per month.
What is the price-to-rent ratio in Palm Springs, Florida?
The price-to-rent ratio in Palm Springs, Florida is about 8.9, meaning it would take roughly 8.9 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Palm Springs.
Are home prices or rent rising faster in Palm Springs, Florida?
Both home prices and rent are rising in Palm Springs, up about 7.0% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Palm Springs, Florida?
50.0% of households in Palm Springs, Florida own their home, lower than the Florida average of 57.7%.
What is the vacancy rate in Palm Springs, Florida?
The housing vacancy rate in Palm Springs, Florida is 10.7%, lower than the Florida average of 14.6%.
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