Before renting on the Treasure Coast, comparing median rental prices is a great way to determine current market rates. Renting on the Treasure Coast is an excellent option for those who aren’t ready to buy and transplants who are new to the area. It’s also a popular option for locals who enjoy the flexible lifestyle that renting provides. When comparing median rental prices across the Treasure Coast, renters will find that the average rent prices are currently at $2,900 in the entire area.
The Treasure Coast is growing and gaining new residents, pushing rent prices higher over the years. Currently, there are no signs that growth will slow down. Although rental prices are not what they were five or ten years ago, it’s still possible to find affordable housing options on the Treasure Coast. Below is more information for renters interested in comparing median rental prices in the region.
Median rental prices for various cities across the Treasure Coast of Florida.
The Most Affordable Cities on the Treasure Coast for Renters
Budget-friendly renters seeking affordable housing should consider Fort Pierce, Port St. Lucie, and Vero Beach. These three cities offer some of the most affordable rents for singles, families, and retirees. Fort Pierce, Florida’s median rent price is around $2,200. The city’s median rent is considerably less expensive than the state’s median, making it one of the most affordable places to rent on the Treasure Coast. Fort Pierce is perfect for people who want to live near beautiful beaches and incredible restaurants and have access to nightlife and entertainment in an area that’s committed to growing.
Many people are flustered by the rising rental rates nationwide, but Fort Pierce still provides an affordable option for renting or buying. In March 2024, a popular banking site rated the beach town one of Florida’s most affordable beach towns, although the cheaper rental rates are usually further inland. The Sunrise City was on the list of the five most affordable beach towns on the East Coast due to its affordable lifestyle.
Port St. Lucie Ranks First for Affordable Rent Prices
Port St. Lucie ranks high as a hot rental market in Florida. A RentCafe study discovered that Port St. Lucie ranked number three on the list of Florida’s hottest rental markets, behind Palm Beach County and Tallahassee. The market in the city is competitive, and occupancy rates are high. Many prospective renters are newcomers to the city interested in moving to the town for a high-quality lifestyle. Port St. Lucie’s average rent price is about $2,700 a month. Despite the hot rental market, the city has managed to maintain some of the most affordable rental prices on the Treasure Coast.
Port St. Lucie also has the added benefit of new, family-friendly communities. New construction is abundant in Port St. Lucie. Renters who settle in the area won’t have to move far if they purchase a home after their lease agreement ends.
Vero Beach Ranks Third for Affordable Rent Prices
Vero Beach has an average rent price of $2,800 monthly. It’s just slightly more than the median rental price in Port St. Lucie, Florida. It’s an excellent option for renters who want a year-round vacation lifestyle near beaches, art, and culture. The city attracts everyone, from baby boomers who want a quiet city to enjoy their retirement to young remote workers who want a change of pace. Vero Beach has various housing options, from quaint single-family homes to upscale luxury apartments.
Rental Prices in Stuart, Sebastian, and Jensen Beach
Stuart, Florida, has an average rental price of $3000, similar to Sebastian, Florida, which is also $3,000 monthly. Stuart is one of the best small towns for retirees and families. The higher rent prices give residents access to a charming downtown area filled with antique shops, waterfront restaurants, and family-friendly beaches. Many people who visit Stuart fall in love with the town. Sebastian is also a great place to settle down. It’s a wonderful city filled with nature in Indian River County.
Families can rent a home in Jensen Beach for $3,200 monthly. Jensen Beach’s higher median rental price is due to its family friendliness, nice atmosphere, safety, and excellent newer schools. The small town has a lot of charm and is right on the Atlantic Ocean. It’s in the perfect location near beautiful beaches with warm turquoise water.
The Most Expensive Rents on the Treasure Coast
The small posh city of Tequesta, Florida, has an average rent price of $5,500, topping the list for the Treasure Coast’s most expensive median rental prices. Tequesta, which is next door to the renowned Jupiter, Florida, is a beautiful and safe city with some of the best amenities on the Treasure Coast. Tequesta is also an enclave for the wealthy, with some of the highest home prices in the region.
Hutchinson Island is also one of the Treasure Coast’s most expensive places to rent. The island’s easy access to beaches and high-end communities on the stunning island. The average rent on the island is $5,500, which is pricey but might be worth the costs to live on one of the most beautiful islands in the Sunshine State.
How Much Should You Spend on Rent?
The average rental on the Treasure Coast costs $2,900 a month, slightly higher than Florida’s average. Many landlords and property managers prefer that renters make at least three times the rent when applying for an apartment or home. Renters should always consider the apartment or home’s financial and credit requirements when renting.
The rules regarding how much you should spend on rent vary, but most experts agree that you should only spend up to 30% of your income on housing. Unfortunately, as house prices and rental costs rise, it can be challenging for many Americans to stick to that budget. Many rental calculators on the internet are designed to help renters determine how much they can afford.
Rent affordability is usually based on three primary factors: location, monthly gross income, and monthly debts, such as credit cards or loans. The percentage of income used towards rent varies based on these factors. However, most experts recommend spending as small a percentage as possible on rent and housing costs. Thrifty people should try to spend 20% or less of their earnings on a rental.
Thirty Percent is the Sweet Spot
Spending 30% of income on housing costs is a sweet spot. Many financial experts state that 30% is the golden rule for a perfect rent-to-housing ratio. Most renters find that paying thirty percent allows them to live in a comfortable and nicer space while also potentially saving money for debt or savings. This includes not just rent, but also utilities and other costs of using and maintaining a property.
Spending forty percent or more of your income on a rental is considered a splurge. Deciding to pay forty percent or higher for rent should only be done by people who are either high-income earners or people who live in an incredibly pricey metro. For example, in cities like New York and Los Angeles, it’s not uncommon for renters to spend nearly half their income on an apartment or home. Paying almost half your income to rent is risky, and people who choose to do so should keep a close eye on their spending habits. It’s essential to track daily expenses and budget when more than forty percent of income is used for a rental.
Should You Rent or Buy a Home on the Treasure Coast?
Whether a person should rent or buy depends on things like lifestyle and financial plans. However, there are some circumstances in which renting is a better option. For example, people who are new to the area may decide they want to rent until they’ve learned what neighborhoods they enjoy. The amount of time it takes to commute to work, amenities, and social activities is an important factor in deciding on a permanent neighborhood.
Owning a home also has many advantages. Homeownership is an excellent way to hedge against the increase in home costs and prices. It’s also a smart way to build wealth over a long period. There’s also peace of mind regarding stability and financial security when owning a home. However, there are circumstances in which people may find renting is the better financial or lifestyle option.
