The typical owner-occupied home in Monroe County is worth about $780,600, 2.2 times the Florida median of $359,000 and 2.3 times the national median of $332,700. Owners pay a median $4,129 a year in property taxes, about 0.53% of their home's value, lower than the Florida rate of 0.76%. The median household earns $87,738 a year, so the median home costs 8.9 times the median income (4.8 times for Florida). 66% of occupied homes here are lived in by their owners, and 46% of those owners still have a mortgage.
Monroe County at a glance
| Monroe County | Florida | U.S. | |
|---|---|---|---|
| Median home value | $780,600 | $359,000 | $332,700 |
| Median property tax paid per year | $4,129 | $2,730 | $3,119 |
| Property tax as a share of value | 0.53% | 0.76% | 0.94% |
| Median household income | $87,738 | $74,568 | $80,734 |
| Homes lived in by their owners | 66% | 68% | 65% |
| Owner homes with a mortgage | 46% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $3,241 | $1,959 | $1,963 |
| Those costs as a share of the owners' income | 30.6% | 23.6% | 21.0% |
| Median rent | $1,999 | $1,669 | $1,413 |
| Rent as a share of renters' income | 37.1% | 35.2% | 30.6% |
| Median year homes were built | 1982 | 1988 | 1980 |
| Vacant homes | 37.3% | 14.7% | 10.1% |
| Population | 81,860 | 22,416,077 | 334,922,499 |
What a typical home costs per month in Monroe County
At this week's average 30-year rate of 7.11%, buying the median Monroe County home of $780,600 with 20% down costs about $4,871 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $6,297, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $208,755 for the 20%-down payment. That payment is 67% of the median Monroe County household income of $87,738; at that income and 20% down, the 28% guideline points to a home of about $328,000.
The median rent here is $1,999 a month, so owning the median home costs about $2,872 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $156,120 |
|---|---|
| Loan amount | $624,480 |
| Principal and interest | $4,201 |
| Property taxes (0.53% a year) | $345 |
| Homeowners insurance (our estimate, 0.5% a year) | $325 |
| PMI | $0 |
| Total per month | $4,871 |
Change the numbers in the calculator
| Down payment | $27,321 |
|---|---|
| Loan amount | $766,461 |
| Principal and interest | $5,156 |
| Property taxes (0.53% a year) | $345 |
| Homeowners insurance (our estimate, 0.5% a year) | $325 |
| FHA mortgage insurance | $471 |
| Total per month | $6,297 |
Change the numbers in the calculator
Questions about home buying in Monroe County
What is the median home value in Monroe County?
About $780,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Monroe County?
Homeowners pay a median $4,129 a year, which is about 0.53% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Monroe County?
For the median home with 20% down at 7.11%, the payment is about $4,871 a month. Keeping that under 28% of gross income takes about $208,755 a year.
More about Monroe County
- Mortgage Refinance in Monroe County
- Debt Relief in Monroe County
- Home Equity Loans in Monroe County
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data