A couple preparing to relocate to Fort Myers after retirement was faced with a decision. Should they buy a home and settle down, or rent for a while before making a decision? They decided to check the numbers first.

According to Zillow, the average home value in Fort Myers is $309,562, which has decreased by 7.3% over the past year (as of June 30, 2026). Rent, according to Apartment List's August 2026 report, has a median rent of $1,165, down 7.2% from a year ago. It is unusual to see both home prices and rent decline in a similar manner. When calculating the price-to-rent ratio with these two numbers, it comes out to 22.1. This means that the purchase price is about 22 times the annual rent, and a ratio above 20 is generally interpreted as a relatively lighter rental market.

Looking at the trends over the past 1-2 years, Fort Myers is one of the few areas where home prices and rent have adjusted simultaneously due to the combined effects of hurricane recovery and skyrocketing insurance costs. While the number of listings has increased, the demand for rentals has actually decreased.

The simultaneous adjustment of home prices and rent can be seen as a signal that inventory and supply have increased in this market. It is also believed that the surge in insurance costs after the hurricane has impacted buying sentiment. Therefore, if considering a purchase, it is important to check not only the mortgage payment but also the levels of property taxes and insurance in advance. Florida tends to have a higher insurance burden compared to other states, so if this item is omitted when calculating monthly payments, there can be a significant difference from the actual burden.

If renting, the monthly cost will be $1,165. If you can prepare a down payment to lower the loan-to-value ratio, the mortgage payment could approach this level, but when adding property taxes and insurance, it often ends up being higher than rent. Assuming a 20% down payment and borrowing the rest at a 30-year fixed rate, the monthly payment for a home priced in the $300,000 range could exceed the rent of $1,165 when including property taxes and insurance. Especially, insurance costs can vary greatly depending on the area and the age of the building, so it is safer to get separate estimates for each listing. It is also worth comparing condos and single-family homes side by side. Condos may have a lower purchase price, but additional HOA fees and recently increased safety inspection costs can make it easy to overlook the actual burden if only comparing the purchase price. Particularly, the necessity and cost of flood insurance can vary significantly from listing to listing, so it is essential to obtain estimates before making an offer. If relocating after retirement and the duration of stay is uncertain, it may be worth considering renting for the first 1-2 years to assess the neighborhood and living costs before deciding to buy.

On the other hand, if long-term residency is certain and a down payment is prepared, the current period of adjusted home prices could actually work in favor of negotiations for purchasing. However, since no one can definitively say whether the adjustment will continue or when it will hit the bottom, it is better to set your target budget and desired property conditions first before proceeding.

There are areas in Fort Myers that Korean families prefer due to the school districts. While school ratings can be referenced from GreatSchools or Niche, school boundaries change frequently, so it is advisable to check the assigned school for the specific address before purchasing. If moving from another state, it is also good to keep in mind that property taxes and insurance systems may differ from your previous residence. In areas like Fort Myers, where the proportion of tourists and retirees is high, the number of listings and rental demand can vary by season, so it is worth considering the timing of your property search as well.

During times when home prices and rent are both declining, it is essential to scrutinize the numbers carefully. This article does not constitute investment or legal advice, and it is recommended to consult with a professional before finalizing any contracts.