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 | Vero Beach South | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $277,776 | $293,727 | $242,182 |
| Price Trend (Annual %) | 21.2% | 12.0% | 8.2% |
| Median Gross Rent | $1,237 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.4% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Vero Beach South is about 5% lower than in Florida. Rent is about 21% 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 Vero Beach South, up about 21.2% and 5.4% a year respectively. Home prices are changing faster.
Median rent in Vero Beach South rose about 47.5% between 2015 and 2023, from $838 to $1,237. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 3.9 yearly household incomes in Vero Beach South.
Buying the median-priced home in Vero Beach South costs roughly 18.7 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 Vero Beach South. The price-to-rent ratio in Florida is about 15.7.
| Metric | Vero Beach South | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $277,776 | $293,727 | $242,182 |
| Median Household Income | $71,031 | $71,865 | $78,145 |
| Price-to-Income Ratio | 3.9 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Vero Beach South rose about 75.4%, while median household income rose about 54.7% 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 | Vero Beach South | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 63.3% | 57.1% | 58.2% |
| Rental Rate | 18.6% | 27.7% | 31.3% |
| Vacancy Rate | 18.1% | 15.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Vero Beach South has a homeownership rate of 63.3%, higher than the Florida average of 57.1%. Its housing vacancy rate is 18.1%, compared with 15.2% in Florida.
Housing Stock
| Metric | Vero Beach South | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.45 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1986 | 1987 | 1978 |
| Median Number of Rooms | 5.4 | 5.2 | 5.5 |
The typical housing unit in Vero Beach South was built around 1986. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Vero Beach South, Florida.
What is the median home price in Vero Beach South, Florida?
The median home price in Vero Beach South, Florida is $277,776, lower than the Florida average of $293,727.
What is the average home price in Vero Beach South, 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 Vero Beach South, Florida?
The median gross rent in Vero Beach South, Florida is $1,237 per month, lower than the Florida average of $1,564.
What was the median gross rent in Vero Beach South in 2020?
In 2020, the median gross rent in Vero Beach South, Florida was $1,005 per month.
What is the price-to-rent ratio in Vero Beach South, Florida?
The price-to-rent ratio in Vero Beach South, Florida is about 18.7, meaning it would take roughly 18.7 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 Vero Beach South.
Are home prices or rent rising faster in Vero Beach South, Florida?
Both home prices and rent are rising in Vero Beach South, up about 21.2% and 5.4% a year respectively. Home prices are changing faster.
What is the homeownership rate in Vero Beach South, Florida?
63.3% of households in Vero Beach South, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Vero Beach South, Florida?
The housing vacancy rate in Vero Beach South, Florida is 18.1%, higher than the Florida average of 15.2%.