A family on the Treasure Coast recently asked a question I hear every week: our rent just went from $2,225 to $2,300 a month. Should we keep renting, or is it time to buy? With Florida voters approving Amendment 3 on November 3, the answer looks a little different than it did a month ago. Here is how I would think it through.

Start with the real monthly cost, not the mortgage payment

The mortgage payment is only part of what you pay to own a home in Florida. To compare fairly with rent, add up all of it:

  • Principal and interest. Freddie Mac's national average for a 30-year fixed loan was 7.18% in early November 2026. On a $380,000 home, close to the recent St. Lucie County median, with 10% down, that works out to roughly $2,300 a month before anything else.
  • Property taxes. These are based on the price you pay, not on what the seller was paying. Expect your bill to rise after your first year, when the property appraiser reassesses the home at your purchase price.
  • Homeowners and wind insurance. Get real quotes on the actual house. A newer roof, impact windows and a wind mitigation inspection can lower the premium a lot.
  • Flood insurance, if the home is in a flood zone or your lender requires it.
  • HOA dues, which are common in newer Treasure Coast neighborhoods.
  • PMI if you put less than 20% down.
  • Maintenance. Budget about 1% of the home's value per year for repairs. Roofs, AC systems and water heaters do not care about your budget.

For a typical starter home, all of that together usually comes out around $3,000 to $3,500 a month, compared with $2,300 rent for an entire house. That gap is the real question: are you comfortable paying roughly $1,000 more each month to build equity and lock in your housing cost?

What Amendment 3 changes

Florida voters approved Amendment 3 with about 62% of the vote, above the 60% needed. Starting January 1, 2027:

  • The homestead exemption for non-school property taxes rises to $150,000 in 2027 and $250,000 in 2028, then adjusts for inflation starting in 2029.
  • The $25,000 exemption against school taxes stays the same, so you will still get a property tax bill.
  • The Save Our Homes cap, which limits how much a homestead's assessed value can rise each year, and portability both stay in place.
  • Rentals, second homes and commercial property do not get the bigger exemption. Their annual assessment cap drops from 10% to 5%.
  • The first bills reflecting the change go out in November 2027.

One detail matters for newcomers. People who are not Florida residents on December 31, 2026 start with the old exemption amount and get the larger one in their fifth year. If you already live and work here, that line likely works in your favor, but confirm your own situation with the Martin County or St. Lucie County Property Appraiser.

There is a catch for renters. Landlords do not get the bigger exemption, and local governments that lose revenue may raise millage rates to make up some of it. Over the next year or two, that could push rents up, while homestead owners are protected. It is one of the stronger arguments for buying if you plan to stay.

Is now a good time to buy on the Treasure Coast?

Nobody can promise you the bottom of the market. What I can tell you is that buyers have more negotiating power than they did a few years ago. In St. Lucie County, the median residential sale price was about $380,000 in September 2026, roughly flat from a year earlier, and homes are taking longer to sell. Martin County is more mixed, depending on the neighborhood and price range. That means seller credits, rate buydowns and repair requests are back on the table, especially on homes that have been listed a while. Builders are also offering rate incentives on new construction.

When buying makes sense, and when renting still wins

Buying likely makes sense if: you plan to stay five to seven years or more, your full monthly cost fits your budget comfortably, and you will still have an emergency fund after closing.

Renting may be smarter if: you might move within a few years, the all-in cost would stretch you thin, or you need more time to save. Buying and selling within a short time often costs more than you would build in equity.

Your next steps

  1. Get pre-approved so you know your real budget and rate.
  2. Pick two or three homes you would actually buy and price out the full monthly cost for each, including real insurance quotes.
  3. Compare that number with your rent and decide what the difference is worth to you.
  4. Talk with a CPA about how owning affects your taxes.

Frequently asked questions

Do I have to own my home by December 31, 2026 to get the larger homestead exemption?
The cutoff in Amendment 3 is about Florida residency on December 31, 2026, not when you buy. You still have to qualify and apply for homestead on a home you own as your primary residence. Check the details with your county property appraiser.

Will my property taxes go up after I buy?
Usually, yes, in the first year after a sale, because the home is reassessed at your purchase price. After that, the Save Our Homes cap limits annual increases on a homestead.

Will mortgage rates drop so I can refinance?
They might, but no one can promise it. Buy a payment you can afford today. A future refinance is a bonus, not a plan.

This article is general information, not legal or tax advice.

Talk it through with a local broker

If you are renting in Stuart, Port St. Lucie, Jensen Beach or anywhere on the Treasure Coast and want a straight answer for your situation, I am happy to run the numbers on real homes with you, with no pressure. Call or text Wayne Gebhardt at 772-600-4836 or email Wayne@Homesaverrealestate.com.

Wayne Gebhardt, Broker, Homesaver Real Estate LLC, 395 SW Sally Way, Stuart, FL 34997