Florida · Palm Bay-Melbourne-Titusville, FL metro area

Buying a home in Melbourne, Florida

In Melbourne, the median value of owner-occupied homes is $306,400, Brevard County's effective property tax rate is 0.68%, a purchase mortgage carried a median $7,446 in total loan costs in 2025, and median gross rent is $1,525 a month.

Data as of : Census ACS 2020-2024, Census Vintage 2024, HMDA 2025, HUD FY 2027. Sources

Melbourne home costs, fact by fact

About Melbourne

Melbourne, Florida is part of the Palm Bay-Melbourne-Titusville, FL metro area, ranked 90th nationally. Brevard County's effective property tax rate (median tax as a share of home value) is 0.68%, while 59.7% of Melbourne homes are owner-occupied.

Reading the Melbourne figures

Melbourne's owner-estimated median of $306,400 sits well below the $396,700 for Florida and under Miami, which reports $518,100. Sunrise reports $354,500 and Brandon $339,000, both above Melbourne. Deerfield Beach reports $309,600, Kissimmee reports $304,400, and Jacksonville reports $293,700, so Melbourne lands close to those cities. Owners hold 59.7% of homes, above the 30.8% in Miami and the 46.3% in Kissimmee. Rent of $1,525 a month sits below HUD's Fair Market Rent of $1,779 for Brevard County, and the larger-unit benchmark is $2,382. Brevard County's 0.68% rate reflects $2,311 collected by the tax collector on a home worth $339,600. Typical up-front loan expenses were $7,446 on 8,451 mortgages originated in 2025, with a central band from $4,662 to $11,240.

Metro context adds a little. Melbourne sits within Palm Bay-Melbourne-Titusville, FL, which holds 658,447 residents and ranks 90th, and the city itself has 87,561. Tallahassee reports $294,400 with rent of $1,293, Daytona Beach reports $287,700 with rent of $1,328, and Melbourne's rent of $1,525 is higher than both.

Calculate for Florida

If you buy

Florida state transfer tax

Documentary stamp tax on deeds: $0.70 per $100 of consideration, or fraction of $100 (Miami-Dade: $0.60 per $100). Change the price: the amount is recalculated instantly.

Price$396,700
State transfer tax$2,776.90
Share of the price0.7% of the price
Who paysSet by the purchase contract

Default price: the Florida median value of owner-occupied homes, $396,700 (Census ACS 2025). Rule: Divide the consideration by $100, round up to the next whole unit, multiply by $0.70. Consideration includes any mortgage balance on the property, whether or not assumed. Miami-Dade uses $0.60. Who pays: The law makes all parties liable regardless of which agrees to pay; the purchase contract allocates the cost. Not included: county and city transfer taxes, the tax on the mortgage, recording fees, title insurance and lender charges. Florida transfer tax guide · all 50 states.

If you sell

Capital gain and the federal tax on it

Same federal rule in every state: Section 121 of the Internal Revenue Code excludes up to $250,000 of gain on a main home ($500,000 for a married couple filing jointly).

Capital gain$350,000
Section 121 exclusion$250,000 (limit $250,000)
Taxable gain$100,000
Type of gainLong-term (owned over 1 year), 15% chosen
Federal tax on the gain$15,000

Section 121 excludes $250,000; the rest is taxable.

Gain = sale price minus your adjusted basis (purchase price, buying costs and improvements); selling expenses reduce it (IRS Publication 523). Long-term rates for sales in 2026, by taxable income including the gain (IRS Rev. Proc. 2025-32, section 4.03): 0% up to $49,450 single or $98,900 married filing jointly, 15% up to $545,500 single or $613,700 jointly, 20% above. Not included: Florida state income tax on the gain (not computed), the net investment income tax, depreciation recapture on a rental or home office, and the reduced exclusion for an early sale. Agent commissions are negotiated and never set by law. Capital gains on a home sale.

Questions about buying a home in Melbourne

How much is property tax in Melbourne?

Homeowners in Brevard County pay a median $2,311 a year in property tax, 0.68% of the county median home value of $339,600 (Census ACS 2020-2024). Your bill depends on your assessed value and local rates.

What are closing costs on a mortgage in Melbourne?

Home-purchase mortgages in Brevard County carried median total loan costs of $7,446 in 2025; half of the 8,451 loans fell between $4,662 and $11,240 (HMDA). Total loan costs are the lender and settlement-service charges of the Closing Disclosure; transfer taxes and prepaid items come on top.

Is there a transfer tax when you buy a home in Melbourne?

Florida's transfer tax is the documentary stamp tax on deeds, 70 cents per $100 of price in every county except Miami-Dade, where it is 60 cents per $100. A mortgage adds 35 cents per $100 and a 0.2% intangible tax.

Is it cheaper to rent or buy in Melbourne?

It depends on your mortgage rate, down payment and how long you stay. As a benchmark, the median value of owner-occupied homes in Melbourne ($306,400) equals 16.7 years of the median gross rent ($1,525 a month), both from Census ACS 2020-2024.

What natural hazards affect home insurance in Melbourne?

Across Florida, the main hazards for home insurance are hurricane wind, flood and storm surge, and the insurer of last resort is Citizens Property Insurance Corporation. A Florida homeowners policy must offer hurricane deductibles of 2%, 5% and 10% of the dwelling limit (s. 627.701), and Citizens requires flood coverage on all its homeowners policies with wind coverage by January 1, 2027.

Run your own numbers: rent vs buy calculator · closing costs calculator.

Florida rules that apply in Melbourne

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Sources

Florida · All states · Federal guides