Melbourne, Florida Housing Market Prices
Melbourne Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 55% below the Florida median$138,872
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Median rent 10% below the Florida median$1,499
Housing Market Overview
| Metric | Melbourne | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $138,872 | $311,338 | $248,835 |
| Price Trend (Annual %) | 4.0% | 11.2% | 7.5% |
| Median Gross Rent | $1,499 | $1,668 | $1,407 |
| Rent Trend (Annual %) | 7.3% | 6.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Melbourne is about 55% lower than in Florida. Rent is about 10% lower than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Melbourne, up about 4.0% and 7.3% a year respectively. Rent is changing faster.
Median rent in Melbourne rose about 81.0% between 2015 and 2024, from $828 to $1,499. Over the same span, rent in Florida rose about 66.5%.
Affordability
On average, housing unit costs 2.1 yearly household incomes in Melbourne.
Buying the median-priced home in Melbourne costs roughly 7.7 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Melbourne. The price-to-rent ratio in Florida is about 15.6.
| Metric | Melbourne | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $138,872 | $311,338 | $248,835 |
| Median Household Income | $65,055 | $74,580 | $80,455 |
| Price-to-Income Ratio | 2.1 | 4.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Melbourne rose about 60.6%, while median household income rose about 51.9% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Melbourne | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.6% | 57.7% | 58.5% |
| Rental Rate | 36.9% | 27.7% | 31.2% |
| Vacancy Rate | 10.5% | 14.6% | 10.2% |
| Median Tenure (years) | 11.0 | 13.0 | 15.0 |
| Median Year Moved In | 2015 | 2013 | 2011 |
Melbourne has a homeownership rate of 52.6%, lower than the Florida average of 57.7%. Its housing vacancy rate is 10.5%, compared with 14.6% in Florida.
Housing Stock
| Metric | Melbourne | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.23 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1985 | 1988 | 1978 |
| Median Number of Rooms | 5.2 | 5.2 | 5.5 |
The typical housing unit in Melbourne was built around 1985. On average, 2.2 people live in a home with about 5.2 rooms, staying for about 11.0 years on average.
Melbourne, FL Housing Compared With Nearby Cities
How Melbourne, FL compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Melbourne, FL | 80,437 | $138,872 #2/2 | $1,499 #2/2 | 58.8% #2/2 |
| West Melbourne, FL | 23,344 | $294,543 | $1,760 | 76.9% |
Frequently Asked Questions
Common questions about the housing market in Melbourne, Florida.
What is the median home price in Melbourne, Florida?
The median home price in Melbourne, Florida is $138,872, lower than the Florida average of $311,338.
What is the average home price in Melbourne, Florida?
The typical home price in Melbourne, Florida, reported as the median sale price, is $138,872. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Melbourne, Florida?
The median gross rent in Melbourne, Florida is $1,499 per month, lower than the Florida average of $1,668.
What was the median gross rent in Melbourne in 2020?
In 2020, the median gross rent in Melbourne, Florida was $1,068 per month.
What is the price-to-rent ratio in Melbourne, Florida?
The price-to-rent ratio in Melbourne, Florida is about 7.7, meaning it would take roughly 7.7 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Melbourne.
Are home prices or rent rising faster in Melbourne, Florida?
Both home prices and rent are rising in Melbourne, up about 4.0% and 7.3% a year respectively. Rent is changing faster.
What is the homeownership rate in Melbourne, Florida?
52.6% of households in Melbourne, Florida own their home, lower than the Florida average of 57.7%.
What is the vacancy rate in Melbourne, Florida?
The housing vacancy rate in Melbourne, Florida is 10.5%, lower than the Florida average of 14.6%.
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