Indian River County, Florida Housing Market
In Indian River County, Florida, the median home value is $351,500, with a median monthly rent of $1,357. This places Indian River County at #409 nationally out of 3134 counties by median home value, and #20 within Florida.
📈 Price Trend (2017 → 2024)
📊 Recent Market Momentum (FHFA HPI)
FHFA House Price Index — All-Transactions, Annual (2000 = 100) · Latest: 2025
📍 Economic Snapshot
Employment & Wages
- Avg weekly wage: $1,206
- Establishments: 5,815
- BLS QCEW, 2025
Housing Supply
- Single-family: 178
- Multi-family: 74
- U.S. Census Bureau, Building Permits Survey
Migration Patterns
- Inflow: 76,225 (avg $172,184)
- Outflow: 69,097 (avg $168,697)
- IRS Statistics of Income
📍 Sub-Market Activity
Top 7 active ZIP codes in Indian River County · Latest: 2025
| # | ZIP Code | HPI | YoY Change | Latest Year |
|---|---|---|---|---|
| 1 | 32963 | 383.4 | -8.09% | 2025 |
| 2 | 32960 | 369.3 | -2.04% | 2025 |
| 3 | 32968 | 346.9 | -2.09% | 2025 |
| 4 | 32962 | 340.9 | -3.82% | 2025 |
| 5 | 32966 | 345.7 | +4.89% | 2025 |
| 6 | 32958 | 332.6 | -1.68% | 2025 |
| 7 | 32967 | 311.7 | -2.77% | 2025 |
Source: FHFA HPI for Five-Digit ZIP Codes (All-Transactions Index, 2000 = 100).
This product uses FHFA Data but is neither endorsed nor certified by FHFA.
📝 Local Market Notes
Indian River County exhibits characteristics of a seller’s market, driven by significant price appreciation that has outpaced local income growth. The median home value of $351,500 is 54.4% above the national average, while the median household income of $73,491 is only 8.1% above the national mean. This disparity results in a price-to-income ratio of 4.78, substantially higher than the national benchmark of 3.20. Consequently, the market is classified as less affordable for first-time buyers, though the 80.1% owner-occupancy rate suggests a stable, established residential base. The price-to-rent ratio of 21.6, compared to the national average of 18.7, indicates that purchasing is relatively more expensive than renting, yet the rent burden of 22.2% remains below the national average of 17.2% when adjusted for income levels, suggesting rental costs are not the primary driver of unaffordability. From 2017 to 2024, median home values nearly doubled, rising from $172,600 to $351,500. This trajectory includes a peak year-over-year increase of 17.5% in 2022, moderating to 11.7% in 2024. However, recent FHFA HPI data for 2025 indicates a 1.58% year-over-year decline, underperforming the Florida state average of +0.91% by 2.49 percentage points. This divergence suggests a recent cooling in transaction-based prices despite long-term appreciation. The local economy supports this shift, with 52,520 jobs and an average weekly wage of $1,206. Housing supply remains constrained, with only 252 new units authorized in 2025, comprising 178 single-family and 74 multi-family homes. This limited supply contrasts with strong inbound migration, where 76,225 filers moved into the county between 2021 and 2022, contributing to a net gain of 7,128 residents. The national 30-year mortgage rate of 7.40% further impacts purchasing power, making high price points more burdensome for buyers. The county’s high owner-occupancy rate and significant net migration inflow, characterized by high-earning newcomers with an average income of $172,184, create a dual-market dynamic. While the recent HPI decline signals a temporary correction or stabilization in cash-flow prices, the underlying structural demand from migration and limited new construction suggests continued pressure on inventory. Potential buyers face elevated entry costs relative to local wages, while renters benefit from a rent burden that remains manageable relative to their income. The market is currently transitioning from rapid appreciation to a period of stabilization, influenced by high interest rates and a lag in housing supply response to the 2021-2022 migration surge.
🔗 Explore Indian River County on Our Sister Sites
Get the complete picture for Indian River County — financing options and ongoing ownership costs.
💰 Mortgage Guide → 🧾 Property Tax Data →How Indian River County Compares
| Metric | Indian River County | Florida Average | U.S. Average |
|---|---|---|---|
| Median Home Value | $351,500 | $284,325 | $227,706 |
| Median Gross Rent | $1,357 | $1,303 | $968 |
| Owner Occupancy Rate | 80.1% | 74.6% | 73.3% |
| Price/Rent Ratio | 21.6 | 17.6 | 18.7 |
Market Analysis
The median home value in Indian River County is 23.6% above the Florida state average and 54.4% above the U.S. national average. The median rent of $1,357/month is 4.1% above the state average.
With a price-to-rent ratio of 21.6, renting is generally more cost-effective than buying in the short to medium term. The market favors buyers only for long-term holds.
Indian River County has an owner-occupancy rate of 80.1%, compared to 74.6% in Florida and 73.3% nationally. This indicates a more homeowner-heavy market than the U.S. average.
Similar Counties by Home Value
| County | State | Median Home Value | Median Rent |
|---|---|---|---|
| Henderson County | North Carolina | $351,400 | $1,187 |
| Moore County | North Carolina | $351,400 | $1,254 |
| Okaloosa County | Florida | $351,200 | $1,612 |
| Chisago County | Minnesota | $351,900 | $1,186 |
| New Castle County | Delaware | $352,200 | $1,448 |
Other Counties in Florida
| County | Median Home Value | Median Rent | Owner Occ. |
|---|---|---|---|
| Okaloosa County | $351,200 | $1,612 | 68.4% |
| Osceola County | $353,300 | $1,746 | 65.3% |
| Pinellas County | $355,100 | $1,642 | 69.5% |
| St. Lucie County | $347,300 | $1,585 | 78.6% |
| Lee County | $362,200 | $1,712 | 74.3% |
Data Source: U.S. Census Bureau, American Community Survey (ACS) 2024 5-Year Estimates (2017–2024). Variables: B25077 (Median Home Value), B25064 (Median Gross Rent), B25003 (Tenure). Data collected on 2026-10-14. The price-to-rent ratio is calculated as Median Home Value ÷ (Median Monthly Rent × 12).