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1031 Exchange Melbourne, Florida

 

Rent, population, and median household income are important factors to consider for a 1031 exchange in Melbourne due to their correlations with market demand, and conversely, vacancy rate.

Surrounding metropolitan area Area

Melbourne, Florida is a part of the Palm Bay-Melbourne-Titusville, FL metropolitan area area, and contains 10 zip codes, including: 32902, 32941, 32936, 32940, 32919, and 32912.

Melbourne Demographics & Economic Trends

The 2019 average effective rent for Class A, B, and C apartments in the Melbourne, FL metropolitan area area was $1,073, which is 35.31% lower than 2014 average rent. This represents a compounded annual growth rate of 6.23%. 2019 vacancy in Melbourne, FL was 3.20%.

The total population of the city of Melbourne, FL has grown 8.88% since 2010. As of 2018, the population was 82,826. The median household income of the Melbourne was $45,938, which is 23.81% lower than the national average.

  • metropolitan area area Palm Bay-Melbourne-Titusville, FL
  • avg rent $1,073
  • rent growth 35.31%
  • vacancy 3.20%
  • median income $45,938
  • population (2018) 82,826
  • population growth 8.88%
  • vs. nat'l avg 23.81%
  • zip codes 32901 32902 32904 32912 32919 32934 32935 32936 32940 32941

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