Total monthly cost of ownership
Cost to Own a Home in Florida Ridge, Florida
A $251,000 home here costs
$2,075per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $89,000 a year.
A standard mortgage calculator would have told you $1,368. The real number is $706 higher every month, 52% more than the payment most buyers budget for.
Compare Indian River County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Florida Ridge against Indian River County and Florida
| Measure | Florida Ridge | Indian River County |
|---|---|---|
| Median home value | $250,500 | $314,700 |
| Median property tax | $1,341 | $2,288 |
| Effective tax rate | 0.535% | 0.727% |
| Median gross rent | $1,209 | $1,284 |
| Population | 21,517 | 163,856 |
The weather behind that power bill
Florida Ridge sits in Indian River County, which averages a high of 90.3°F in its hottest month and a low of 51.2°F in its coldest, with 51.17" of precipitation a year and 38% of it in a single three-month stretch. That climate drives 3,391 cooling and 418 heating degree days, which is what sets the $165 electricity line above.
See the full climate breakdown for Indian River County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Indian River County
Full Indian River County cost breakdown · Every county in Florida
Talk to someone who works this market
These are Florida Ridge averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Florida Ridge every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Florida Ridge I already own here and may sell
Common questions
How much does it cost to own a home in Florida Ridge?
A $251,000 home in Florida Ridge, Florida costs approximately $2,075 per month with 20% down at 7.24%. That is $1,368 principal and interest, $112 property tax, $152 homeowners insurance, $233 utilities and $209 set aside for maintenance.
What is the property tax rate in Florida Ridge?
Florida Ridge has an effective property tax rate of 0.535%, based on a median home value of $250,500 and median real estate taxes of $1,341. That is lower than the Indian River County average of 0.727%.
What is the average home price in Florida Ridge?
The median owner-occupied home value in Florida Ridge, Florida is $250,500, against $314,700 across Indian River County.
Is it cheaper to rent or buy in Florida Ridge?
Median gross rent in Florida Ridge is $1,209 a month, against $2,075 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Florida Ridge?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Florida Ridge, Florida at today's rate takes a household income of roughly $89,000 a year. That covers the full $2,075 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Florida Ridge, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Florida.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.