Location: Palm Bay-Melbourne-Titusville, FL | Metro: Palm Bay-Melbourne-Titusville, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,540 |
| 1 Bedroom | $1,770 |
| 2 Bedrooms | $2,070 |
| 3 Bedrooms | $2,770 |
| 4 Bedrooms | $3,150 |
| 5 Bedrooms | $3,654 |
| 6 Bedrooms | $4,092 |
| 7 Bedrooms | $4,419 |
| 8 Bedrooms | $4,640 |
U.S. Census Bureau data (2024)
The classification of ZIP 32951, Melbourne Beach, FL, on the axes of yield and stability reveals a nuanced market scenario. The Federal Market Rent (FMR) for FY 2024 is set at $1,900, while the average market rent stands at $2,983. This suggests a potential rental yield that is above the FMR benchmark, indicating a higher earning capacity for landlords. However, the median home value of $624,651 places it in a relatively expensive segment of the housing market.
On the stability axis, the market shows signs of both opportunity and risk. With only 14.6% of residents being renters, there is a lower demand base for rental properties, which can impact the reliability of cash flow. Additionally, the days on market (DOM) figure of 54 days suggests a moderate time frame for selling properties, neither too quick nor too slow. The median household income of $98,420 provides insight into the economic health of the area; it indicates a stable income level that supports rent payments but also implies competition from homeownership.
To summarize, ZIP 32951 leans towards a steady-cashflow zone. While the rental yield is attractive due to the market rent exceeding the FMR, the relatively low percentage of renters and moderate DOM suggest a market that prioritizes stability over rapid turnover or flipping. Landlords and small-portfolio investors should expect a reliable, albeit potentially slower, rate of return. The higher median home value and income levels support this conclusion, indicating a market where investment properties can generate consistent cash flow without the volatility associated with high-renter populations or quick-sale markets.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.