A recent report by SmartAsset ranks Martin County as the fourth most expensive county in Florida for homebuyers. That means people looking to buy a home here are paying much more than in most other parts of the state. Even compared to nearby counties like St. Lucie or Palm Beach, Martin stands out as one of the priciest spots. High home prices are nothing new in Florida, but Martin County is especially steep.
This ranking is based on several things: home prices, property taxes, homeowners’ insurance, and the overall cost of maintaining a house. All of these together make it harder for the average person to afford a home in this part of the Treasure Coast.
Why It Costs So Much to Live Here
So what’s behind the high prices in Martin County?
There are several reasons:
- Not enough homes for sale: When there’s high demand but not many homes available, prices go up. That’s what’s happening in Martin County.
- People want to live here: The area is known for being safe, clean, and close to beaches, which makes it even more attractive.
- Property taxes are rising: With more development and higher property values, taxes have gone up too.
- Insurance costs are climbing: Because Florida is prone to hurricanes and storm damage, home insurance has become much more expensive statewide, and Martin is no exception. Some homeowners are paying thousands just for coverage.
All of these things add up quickly. Even if you can afford the monthly mortgage, the extras can hit your wallet hard.
It’s Not Just About the Mortgage
Buying the house is only the first step. Once you own the home, the real costs begin. A study from Bankrate found that Florida homeowners spend an average of $24,700 a year just to keep their homes running. That includes things like:
- Property taxes
- Home insurance
- Utility bills
- Regular maintenance like lawn care or pest control
- Unexpected repairs like a broken air conditioner or plumbing problems
To compare, the national average is about $21,400 a year. Florida is well above that, and Martin County tends to be even higher. Just basic maintenance in Florida costs around $8,800 a year, not including surprise repairs, which can cost hundreds or even thousands more.
The Florida Market Is Changing—But Not Here Yet
In some parts of Florida, the housing market is starting to slow down. Prices have dropped in places that saw huge growth during the pandemic, and some buyers are starting to back off. In fact, some people who moved to Florida recently are already leaving because of high insurance, heat, and other challenges.
But Martin County hasn’t really seen this slowdown yet. The area is still desirable, and prices are holding steady. So while other counties may become more affordable, Martin is staying expensive, at least for now. That means anyone hoping to wait for prices to drop may be waiting a while.
What Buyers Should Know Before Making a Move
If you’re thinking about buying a home in Martin County, here are a few things to keep in mind:
- You’ll likely pay more upfront: Home prices are high, and competition is strong.
- Ongoing costs add up fast: It’s not just about the sale price. Once you move in, you’ll face big bills for insurance, taxes, and home upkeep.
- Emergency costs are real: Florida weather can be unpredictable, and things like storms, heat damage, and flooding can lead to sudden repairs.
- Be realistic about your budget: A house might seem affordable based on the monthly mortgage, but the real cost is often thousands more per year.
Buying in Martin County can be worth it if you love the area and plan to stay for a long time. But it’s important to look at the full financial picture, not just the price tag on Zillow.
