Pensacola-Ferry Pass-Brent, FL
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.54×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Florida
- 4.23×-0.69
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
24.0%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Florida
- 28.1%-4.2
- vs U.S.
- 23.3%
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.40%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Florida
- 4.40%=
- vs U.S.
- 4.35%+0.06
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.08%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Florida
- 0.82%
- vs U.S.
- 0.03%+0.06
Benchmark
IRS net migration ÷ population
strong
Permit pipeline
6.59
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Florida
- 7.87
- vs U.S.
- 3.53+3.06
Benchmark
Census BPS permits TTM ÷ population × 1,000
softening
Unemployment
5.4%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Florida
- 5.5%-0.1
- vs U.S.
- 4.5%
Benchmark
BLS LAUS, latest month
owner-occupant market
Investor loan share
7.3%
8,347 purchase loans · 23.7% denial rate · 2024
Share of financed home purchases going to investors. Above ~15% means landlords are outbidding owner-occupants; below ~8% is owner-dominated.
Benchmark
Investor purchase loans ÷ all purchase loans (CFPB HMDA LAR, annual)
Where prices are and where they've been
5-year price appreciation
+53.3%
homeValues.yearOverYear
+1.7%
Median home value
$260,500
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $1,257 | $15,084 | 20.5% |
| 2 BR | $1,471 | $17,652 | 24.0% |
| 3 BR | $1,952 | $23,424 | 31.8% |
Labor market direction
Unemployment
5.4%
Median household income
$73,588
What's being built
Total TTM
3,408
+12.2% YoY
Single-family
3,340
2–4 unit
4
5+ unit
64
All 2 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Escambia County | 321,296 | $234,200 | $65,715 | 1,503 | +5.5% |
| Santa Rosa County | 188,994 | $302,100 | $88,968 | 1,905 | +17.4% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Pensacola | 510,290 | $73,588 | 3.54× | 4.40% | +53.3% | 6.59 | 5.4% |
| Port St. Lucie, FL | 494,081 | $72,506 | — | — | +62.2% | — | 5.0% |
| Lexington-Fayette, KY | 515,954 | $70,717 | — | — | +59.0% | — | 2.9% |
| Lansing-East Lansing, MI | 538,985 | $70,886 | — | — | +49.3% | — | 4.4% |
| Visalia, CA | 473,446 | $69,489 | — | — | +51.3% | — | 10.2% |
| Fayetteville-Springdale-Rogers, AR | 550,596 | $77,979 | — | — | +71.7% | — | 3.1% |
Where people are moving in from
Net migration
+438
+0.08% of population
| Origin county | Tax returns |
|---|---|
| Escambia County, FL | 1,732 |
| Santa Rosa County, FL | 1,514 |
| Okaloosa County, FL | 1,254 |
| Baldwin County, AL | 434 |
| San Diego County, CA | 324 |
| Leon County, FL | 234 |
Who lives in Pensacola
- Median age
- 39
- Bachelor's+
- 29.7%
- Owner-occupancy
- 69.7%
- Vacancy rate
- 11.7%
- Rent burdened (30%+)
- 46.3%
- Median household income
- $73,588
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.
Data sources
| Metric | Source | Vintage |
|---|---|---|
| rent vs buy | HUD FMR + Census ACS + FRED MORTGAGE30US | current FY |