Rent to own Homes in Melbourne, FL
Founded in 1867 by a group of former slaves, the coastal city of Melbourne, Florida, was named in honor of the city's first postmaster, Cornthwaite John Hector, who had lived in the Australian city of the same name. The city's historical buildings include William H. Gleason House on Pineapple Avenue and the Florida Power and Light Company Ice Plant, which is just about the only icy thing in the city, at S Harbor City Blvd.
Melbourne, FL is a great place for affordable rent-to-own homes! With a median household income of over $51,934 and a median rent of $1,087, the Melbourne, FL rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Melbourne, FL. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Melbourne, FL Property Resources
Rent to own Homes in Cities Near Melbourne, FL
- Cape Canaveral
- Christmas
- Cocoa
- Cocoa Beach
- Cocoa West
- Indialantic
- Indian Harbour Beach
- June Park
- Malabar
- Melbourne
- Melbourne Beach
- Melbourne Village
- Merritt Island
- Mims
- North Merritt Island
- Palm Bay
- Palm Shores
- Patrick AFB
- Port St. John
- Rockledge
- Satellite Beach
- Sharpes
- South Patrick Shores
- Titusville
- Tropical Park
- Viera East
- Viera West
- West Canaveral Groves
- West Melbourne
Neighborhoods in Melbourne, FL
Ashley Estates rent to own homes Chestnut Run rent to own homes Cypress Bend rent to own homes Cypress Cove rent to own homes Dow Central Park rent to own homes Eagle Harbor rent to own homes Hammock Trace Preserve rent to own homes Hidded Acres rent to own homes Industrial Plaza rent to own homes Lake Crest rent to own homesPopular Zip Codes in Melbourne, FL
32934 rent to own homes 32902 rent to own homes 32901 rent to own homes 32936 rent to own homes 32919 rent to own homes 32935 rent to own homesBuying a Home in Melbourne, FL
Melbourne, FL is seeing rapid growth and Melbourne, FL's' housing market remains optimal with an average home price that is -14% below the 2024 national average. Melbourne, FL is part of Brevard county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Brevard is 0.87% which is below the national average, which is 0.99%.
Median Home Price in Melbourne, FL
Median Rent in Melbourne, FL
Top Reasons to Live in Melbourne FL
Housing Statistics 1 in 10 residential properties in Melbourne are currently vacant, with 38% being rented and only 52% being owned. As more people choose to rent to own, this number should increase. The number of house sales from May-July 2013 was 707, which was an increase of 26.5% when compared to the same time last year. The median sales price also increased by 13.4% to $151,900. There are always new homes appearing on the market with a substantial residential turnover rate of 17%.
Transportation 9 out of 10 Melbourne residents either drive or carpool to work, and it takes on average just under 21 minutes. Despite the subsidization of two bus routes for Melbourne residents, very few people take public transport to work - a higher percentage of people choose to walk. Meanwhile the Florida East Coast Railway follows the direction of U.S. 1, providing public transportation up and down the coast.
Local Sports The Florida Institute of Technology fields a team in a number of sports at NCAA Division II level. Known as the Panthers, the school competes in 11 sports each for men and women, including basketball, track and field, and football. While sporting success has tended to elude the school, Dniela Iacobelli did win the NCAA Division II Woman's Golf Championship in 2007. Meanwhile, minor league baseball team the Brevard County Manatees are based not far north of the city in Viera at the Space Coast Stadium. They also had success in 2007, winning their division.
Arts and Culture Cinema lovers will particularly enjoy the yearly Melbourne Independent Filmmakers' Festival, which shines the spotlight on new talent every November, while April signals the arrival of the Melbourne Arts Festival. With over 50,000 visitors attending the festival, it's also an important commercial event for the city, with artists selling original work at their booths. Some people might question whether the beer-centric Oktoberfest can accurately be described as a cultural event, but of course it can, it's European. Now drink up.
Nightlife The high student population and location on the coast means that Melbourne can boast a much better nightlife scene than some other similarly sized cities. Of the dance clubs, Levelz Nightclub on W Newhaven Ave is one of the most popular, with DJs that know how to work an easily excitable crowd and a spacious dance floor that leaves people cool enough to keep moving. The Gallery meanwhile plays a different mix of music depending on the night. So whether you're into hip hop, dubstep or even Latin music, you should find something that gets your feet tapping. If you care more about the drinks than the music, head to Karma Bar on E New Haven, which specializes in cocktails that are just perfect for rounding off a day on the beach.