FLORIDA · RENT OR SELL
Should you rent or sell your house in Melbourne, FL?
The calculator below starts with a typical Melbourne home — median value, median rent, local property tax. Swap in your own numbers to see what renting puts in your pocket each month and what selling puts in your hand today.
Melbourne by the numbers
| Measure | Melbourne | Typical Florida city |
|---|---|---|
| Median home value | $306,400 | $363,750 |
| Median rent (monthly) | $1,525 | $1,744 |
| Years of rent to buy | 16.7 | 17.4 |
| Value change since 2015–2019 | 81% | 68% |
| Homes that are rented | 40% | 34% |
| Property tax, % of value | 0.7% | 0.7% |
| Population | 86,576 | — |
Source: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates (tables B01003, B25077, B25064, B25103, B25003); 2015–2019 values from Census ACS 2015–2019. "Typical" is the median across the 200 Florida cities of 20,000+ people we track. Median rent covers every kind of rental, including apartments — a single-family house often rents for more.
What the numbers say about Melbourne
The median home in Melbourne is worth about $306,400, and the median rent is $1,525 a month. That's about 16.7 years of rent to buy the home — right around the typical Florida city we track (17.4). Neither renting nor selling has a built-in edge here — your own mortgage and rent decide it.
Values have risen about 81% since the 2015–2019 Census survey, when the median was $169,000 — faster than most of Florida (68%). That is enough gain that selling before the tax-free window closes can be worth real money.
Take an owner who bought a median-priced Melbourne home around mid-2019 for $169,000, with 20% down at 3.94%. Their payment is about $641 a month. Rented at the median rent, after property tax of about $2,100 a year, insurance, a repair reserve and a little vacancy, it would clear about $361 a month. Selling at today's median would put about $169,580 in hand after the loan and selling costs — a gain of about $115,580, which a single filer could usually keep tax-free by selling in time.
About 40% of homes in Melbourne are rented, more than in most Florida cities (34%) — a deep pool of renters means shorter vacancies. Property tax runs about 0.7% of value a year, typical for Florida (0.7%).
The example owner is an illustration, not a forecast: bought at the 2015–2019 median with 20% down at 3.94% (Freddie Mac PMMS 2019 average), a 30-year loan, $1,800 a year of insurance, an 8% repair reserve, 5% vacancy, and 7% selling costs.
If you rent it out in Florida
Security deposit. When the lease ends, return the full deposit within 15 days if you're keeping none of it. To keep any part, send a written notice of claim within 30 days. A notice of claim must go by certified mail to the tenant's last known mailing address, or by e-mail only if the tenant agreed to e-mail notices under s. 83.505.
Late fees. Florida's landlord-tenant law sets no grace period. A late fee can apply from the day after the due date if your lease says so. Florida's landlord-tenant law (Chapter 83) sets no dollar or percentage cap on late fees. The fee must be in your lease, and a court can refuse to enforce a fee that looks like a penalty rather than a fair charge. Source: Fla. Stat. § 83.56(3) · verified October 3, 2026
Source: Fla. Stat. § 83.49(3) · verified October 3, 2026
General information, not legal advice. Laws change and local rules can be stricter — check the linked statute before you act.
More detail: Florida security deposit rules · Should I rent or sell my house? · The 2-out-of-5-year rule
QUESTIONS
Melbourne questions
Is it better to rent out or sell a house in Melbourne?
For a typical Melbourne home bought around 2019, renting at the median rent of $1,525 works out to about $361 a month after costs, while selling at the median value of $306,400 would net about $169,580. Your own mortgage, rent and purchase price decide it — enter them in the calculator above.
What is the median rent in Melbourne?
$1,525 a month, per the Census ACS 2020–2024 estimates. That median covers every kind of rental, including apartments, so a single-family house often rents for more.
How much is property tax in Melbourne?
The median owner pays about $2,075 a year, roughly 0.7% of the median home value (Census ACS 2020–2024). Your bill depends on your appraisal and exemptions — and a rental loses any homestead exemption.