Home Buying in Melbourne
Melbourne anchors Florida's Space Coast tech economy, offering affordable living, Atlantic beaches, and a growing aerospace and defense industry.
Frequently Asked Questions
Common questions about buying a home in Melbourne
What is the current mortgage rate in Melbourne?
The average 30-year fixed mortgage rate in Melbourne, FL is currently 6.23% as of April 24, 2026. This is sourced from Freddie Mac's weekly survey via FRED.
How much is a down payment on a home in Melbourne?
With Melbourne's median home price of $315,000, a 20% down payment would be $63,000. First-time buyers may qualify for FHA loans with as little as 3.5% down ($11,025).
What are property taxes like in Melbourne?
Melbourne is in Brevard County. The average effective property tax rate is 0.9%, working out to approximately $2,835 per year on a median-priced home. Florida's Homestead Exemption can reduce your taxable value by up to $50,000 if this is your primary residence.
Is it better to rent or buy in Melbourne?
With a monthly mortgage payment of ~$1,548 (20% down) vs. median rent of $1,650, buying costs more per month but builds equity. The break-even point depends on how long you plan to stay and your down payment amount.