West Melbourne, Florida Housing Market Prices
West 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.
-
Median home price 5% below the Florida median$294,543
-
Median rent 6% above the Florida median$1,760
Housing Market Overview
| Metric | West Melbourne | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $294,543 | $311,338 | $248,835 |
| Price Trend (Annual %) | 19.8% | 11.2% | 7.5% |
| Median Gross Rent | $1,760 | $1,668 | $1,407 |
| Rent Trend (Annual %) | 5.9% | 6.2% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in West Melbourne is about 5% lower than in Florida. Rent is about 6% higher 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 West Melbourne, up about 19.8% and 5.9% a year respectively. Home prices are changing faster.
Median rent in West Melbourne rose about 60.1% between 2015 and 2024, from $1,099 to $1,760. Over the same span, rent in Florida rose about 66.5%.
Affordability
On average, housing unit costs 3.4 yearly household incomes in West Melbourne.
Buying the median-priced home in West Melbourne costs roughly 13.9 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 West Melbourne. The price-to-rent ratio in Florida is about 15.6.
| Metric | West Melbourne | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $294,543 | $311,338 | $248,835 |
| Median Household Income | $86,907 | $74,580 | $80,455 |
| Price-to-Income Ratio | 3.4 | 4.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in West Melbourne rose about 324.9%, while median household income rose about 62.3% 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 | West Melbourne | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 69.2% | 57.7% | 58.5% |
| Rental Rate | 20.8% | 27.7% | 31.2% |
| Vacancy Rate | 10.0% | 14.6% | 10.2% |
| Median Tenure (years) | 12.0 | 13.0 | 15.0 |
| Median Year Moved In | 2014 | 2013 | 2011 |
West Melbourne has a homeownership rate of 69.2%, higher than the Florida average of 57.7%. Its housing vacancy rate is 10.0%, compared with 14.6% in Florida.
Housing Stock
| Metric | West Melbourne | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.56 people | 2.50 people | 2.53 people |
| Median Structure Built Year | 1998 | 1988 | 1978 |
| Median Number of Rooms | 6.0 | 5.2 | 5.5 |
The typical housing unit in West Melbourne was built around 1998. On average, 2.6 people live in a home with about 6.0 rooms, staying for about 12.0 years on average.
West Melbourne, FL Housing Compared With Nearby Cities
How West Melbourne, FL compares with the 2 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| West Melbourne, FL | 23,344 | $294,543 #1/3 | $1,760 #1/3 | 76.9% #2/3 |
| Melbourne, FL | 80,437 | $138,872 | $1,499 | 58.8% |
| Palm Bay, FL | 126,086 | $243,855 | $1,624 | 79.7% |
Frequently Asked Questions
Common questions about the housing market in West Melbourne, Florida.
What is the median home price in West Melbourne, Florida?
The median home price in West Melbourne, Florida is $294,543, lower than the Florida average of $311,338.
What is the average home price in West Melbourne, Florida?
The typical home price in West Melbourne, Florida, reported as the median sale price, is $294,543. 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 West Melbourne, Florida?
The median gross rent in West Melbourne, Florida is $1,760 per month, higher than the Florida average of $1,668.
What was the median gross rent in West Melbourne in 2020?
In 2020, the median gross rent in West Melbourne, Florida was $1,355 per month.
What is the price-to-rent ratio in West Melbourne, Florida?
The price-to-rent ratio in West Melbourne, Florida is about 13.9, meaning it would take roughly 13.9 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 West Melbourne.
Are home prices or rent rising faster in West Melbourne, Florida?
Both home prices and rent are rising in West Melbourne, up about 19.8% and 5.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in West Melbourne, Florida?
69.2% of households in West Melbourne, Florida own their home, higher than the Florida average of 57.7%.
What is the vacancy rate in West Melbourne, Florida?
The housing vacancy rate in West Melbourne, Florida is 10.0%, lower than the Florida average of 14.6%.
Analyze any area in the US
Get local demographics for any address, aggregated by drive time or radius, on the interactive map.
Explore the map →