Rent vs buy in Melbourne, FL
In Melbourne, Florida, the typical rent is $1,841 /mo and the typical home value is $357,832.
Buying comes out ahead by $21k over 7 years
Based on Melbourne's typical rent and home value, this uses 20% down at today's mortgage rate. Year 6 is the break-even point.
A clearly labeled opinion, with the math shown. These are estimates, not quotes. If you change a number, the stamp changes.
- Owning costs less by
- $21k after 7 years
- Break-even point
- year 6 when owning catches up
- Full cost of owning
- $3,130 /mo year 1, against $1,841 rent
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To calculate the stamp, Melbourne's typical rent and home value are used. It can flip based on your rent, your price and your years.
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Enter the rent, price and down payment amounts you want to use. Each change updates the stamp.
In Melbourne, is buying or renting less expensive?
Over 7 years, buying costs $20,642 less after counting the money you receive when you sell. In year 6, owning's net cost falls below renting's and stays lower.
Renting. Owning. Net cost to date, by year.
Average rent compared with mortgage payment in Melbourne
At Melbourne's typical price, here's every monthly cost for year 1, not just rent and mortgage payments.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,841 | All of it, every month |
| Mortgage payment | $1,951 | $1,720 of it is interest in year 1 |
| Property tax | $203 | 0.68% of the value a year |
| Insurance | $179 | Census median for the city |
| Upkeep | $298 | 1% of the value a year |
| Owning, cash out | $2,631 | $231 of it builds equity |
| Lost return on the down payment | $582 | What the cash would earn each year at 8.3% |
| Buying costs, spread out | $149 | 3.5% of the price over 7 years |
| True cost of owning | $3,130 | Cash out, minus the equity portion, plus the two items listed above |
Melbourne figures behind the verdict
- Typical home valueZillow ZHVI, September 2026
- $357,832
- Typical rentZillow ZORI, September 2026
- $1,841 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, Florida, 1995 to 2025
- 5.4% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Melbourne
- 0.68% of value
- Home insuranceCensus ACS 2020-2024, Melbourne
- $179 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would change the Melbourne result?
Each line marks where Melbourne's 7-year verdict switches while every other condition and assumption stays the same.
Renting costs less when
- For home prices growing by less than 4.7% a year, the calculation relies on 5.4%, Florida's long-run rate.
- A mortgage rate above 8.26% stays in place.
- A home like this has a monthly rent below $1,620, compared with the typical $1,841.
- Your move takes place before year 6.
When buying comes out ahead
- Home prices rise by more than 4.7% a year.
- Today’s mortgage rate is 7.24%, and you lock one below 8.26%.
- The same home would cost more than $1,620 a month to rent.
- You remain for 6 years or more.
Melbourne compared with the other 812 cities
| Measure | Melbourne | Median city |
|---|---|---|
| Typical home value | $357,832 | $422,451 |
| Typical rent | $1,841 /mo | $1,837 /mo |
| Price-to-rent ratio | 16.2 (#539 of 813) | 18.5 |
| Home prices, last 10 years | 6.4% a year | 6.2% a year |
| Rents, last 5 years | 2.8% a year | 4% a year |
| Property tax | 0.68% | 0.87% |
| Households that rent | 40% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
More cities in Florida
- Buying wins by $27k. Jacksonville, FL.
- Buying wins by $27k. Miami, FL.
- Buying wins by $19k. Tampa, FL.
- Buying wins by $17k. Orlando, FL.
- Buying wins by $41k. St. Petersburg, FL.
- Buying wins by $48k. Port St. Lucie, FL.
- Buying wins by $37k. Hialeah, FL.
- Buying wins by $36k. Cape Coral, FL.
- Buying wins by $11k. Tallahassee, FL.
- Buying wins by $25k. Fort Lauderdale, FL.
- Buying wins by $22k. Pembroke Pines, FL.
- Buying wins by $17k. Hollywood, FL.