MARTIN COUNTY — Thinking about buying a home here? Hopefully you have deep pockets.

Martin County is the No. 4 most-expensive county in Florida for home buyers, according to a recent study by SmartAsset, a financial technology company.

To determine the cost of financing a home, the study assessed median home values and calculated an estimated interest rate for each county using localized Freddie Mac data. The study applied those interest rates to the each county's median home value and calculated a "most-expensive index."

A house at 1005 NE Doubloon Dr. was sold in March for $15 million.

Martin County ranked No. 4 statewide and No. 178 across the U.S.

A previous SmartAsset study determined Martin County is the No. 6 wealthiest county in Florida, based on median income, investment income and median home values.

Lavish waterfront regions such as Jupiter Island and Sewall's Point boost Martin County's affluent statewide ranking.

Homes on Jupiter Island sold for an average of more than $11.5 million, according to a recent analysis by Beach-Homes.com, a coastal real estate brokerage service. The island is one of the most expensive home markets in Florida and in the U.S., the analysis found.

Effort to make housing more 'affordable'

High housing costs across the county, however, have made it difficult for working-class individuals to live here.

Gov. Ron DeSantis visited Indiantown July 13 to celebrate the opening of model homes in Terra Lago, a community which has been hailed for its commitment to attainable housing.

The development is to consist of 2,048 detached single-family homes, 174 townhomes, 300 apartments, an assisted-living facility and commercial space on 806 acres.

Terra Lago could double the population of Indiantown in seven to 10 years, village officials and developers have said.

Prices for single-family homes are expected to start in the $300,000s.

Jack Randall is TCPalm’s economy and real estate reporter. You can reach him at [email protected] or 904-466-4755.

TCPalm reporter Keith Burbank contributed to this story.

This article originally appeared on Treasure Coast Newspapers: Study finds Martin County is one of the most expensive areas in Florida to buy a home