Holmes County, Florida Housing Market

📝 Local Market Notes

Holmes County, Florida, operates as a distinctively affordable market, characterized by a median home value of $110,200, which sits 51.6% below the national average and 61.2% below the Florida state median. The market classification leans toward a renter’s advantage due to a price-to-rent ratio of 10.9, significantly lower than the national benchmark of 18.7, indicating that purchasing is relatively cheaper compared to renting on a long-term basis. However, the rent burden stands at 20.5% of median household income, exceeding the national average of 17.2%, suggesting that while entry costs are low, ongoing rental expenses consume a larger share of local earnings. The price-to-income ratio of 2.23 remains well below the national average of 3.20, reinforcing the county’s status as an accessible entry point for homeownership relative to local earning power. Recent trends reveal a sharp recovery following a dip in 2020, with home values increasing 8.7% year-over-year in 2024 to reach $110,200. This momentum follows an 11.6% surge in 2022 and a 6.8% rise in 2023, indicating sustained appreciation after a period of stagnation and decline. A notable divergence exists between price and rent growth, as rents are rising faster than home values, potentially eroding the affordability gap for renters. This pattern suggests that while asset values are stabilizing, the cost of living for non-owners is accelerating, driven by a net inflow of 479 tax filers between 2021 and 2022. The average income of incoming residents ($52,623) slightly exceeds that of departing residents ($52,128), hinting at a modest improvement in the local demographic’s purchasing power. The local economic context is constrained by limited employment, with only 2,191 total jobs and an average weekly wage of $787, which aligns with the median household income of $49,343. Housing supply is extremely tight, with only 12 new single-family units authorized in 2025 and zero multi-family permits, creating a structural shortage that likely supports the current price appreciation. With the 30-year fixed mortgage rate at 7.40%, the high interest cost adds friction to the low purchase price, potentially limiting buyer velocity. The combination of minimal new construction, consistent price growth, and rising rental costs creates a market where affordability is maintained by low entry prices but challenged by high financing costs and limited inventory. Potential buyers benefit from the low price-to-income ratio, while renters face increasing financial pressure relative to the national norm.

Based on U.S. Census ACS 2024 5-Year Estimates.