Total monthly cost of ownership
Cost to Own a Home in Melbourne, Florida
A $273,000 home here costs
$2,298per month, all in, with 20% down at today's 7.40% 30-year fixed rate. By the 28% rule that takes a household income of about $98,500 a year.
A standard mortgage calculator would have told you $1,512. The real number is $786 higher every month, 52% more than the payment most buyers budget for.
Compare Brevard County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Melbourne against Brevard County and Florida
| Measure | Melbourne | Brevard County |
|---|---|---|
| Median home value | $272,900 | $304,400 |
| Median property tax | $1,913 | $2,139 |
| Effective tax rate | 0.701% | 0.703% |
| Median gross rent | $1,411 | $1,456 |
| Population | 85,718 | 620,533 |
The weather behind that power bill
Melbourne sits in Brevard County, which averages a high of 89.7°F in its hottest month and a low of 51.7°F in its coldest, with 50.79" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 3,446 cooling and 485 heating degree days, which is what sets the $166 electricity line above.
See the full climate breakdown for Brevard County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Brevard County
Full Brevard County cost breakdown · Every county in Florida
Talk to someone who works this market
These are Melbourne averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Melbourne every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Melbourne I already own here and may sell
Common questions
How much does it cost to own a home in Melbourne?
A $273,000 home in Melbourne, Florida costs approximately $2,298 per month with 20% down at 7.4%. That is $1,512 principal and interest, $159 property tax, $165 homeowners insurance, $234 utilities and $228 set aside for maintenance.
What is the property tax rate in Melbourne?
Melbourne has an effective property tax rate of 0.701%, based on a median home value of $272,900 and median real estate taxes of $1,913. That is in line with the Brevard County average of 0.703%.
What is the average home price in Melbourne?
The median owner-occupied home value in Melbourne, Florida is $272,900, against $304,400 across Brevard County.
Is it cheaper to rent or buy in Melbourne?
Median gross rent in Melbourne is $1,411 a month, against $2,298 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Melbourne?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Melbourne, Florida at today's rate takes a household income of roughly $98,500 a year. That covers the full $2,298 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Melbourne, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Florida.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.