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
