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Rental Insights for ZIP Code 32940 (Melbourne, FL)

Housing Rentals in ZIP Code 32940 (Melbourne, FL)

32940 ZIP Code in Florida

An In-depth Rental Snapshot of ZIP Code 32940

The 32940 ZIP Code is primarily located in Melbourne, FL in Brevard County. This Florida region has a median housing rent payment of $1,460 per month. About 17.7% of housing units in this Brevard County ZIP Code are renter-occupied. Additionally, the region has an approximate rental vacancy rate of 3.9%.

The median rent in ZIP Code 32940 of $1,460 per month is 24% higher than the aggregate Florida median monthly rent of $1,175, and is 37% higher than the $1,062 the median monthly rent in the U.S. overall. About 43.2% of residents in ZIP Code 32940 pay between $1,000 and $1,499 per month for rent. That is 11% higher than in Florida overall, in which 39.0% of total state residents pay between $1,000 and $1,499 per month for housing. Just 0.4% of renters in ZIP Code 32940 pay $3,000 or more per month for housing.

ZIP Code 32940 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 32940

See the chart below for a comparison of monthly rental costs in ZIP Code 32940, Florida, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 32940 along with those in the state of Florida and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 32940

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 32940 Florida U.S.
Less than $500 1.3% 5.3% 9.4%
$500 to $999 8.5% 29.0% 36.2%
$1,000 to $1,499 43.2% 39.0% 30.0%
$1,500 to $1,999 40.4% 17.8% 14.0%
$2,000 to $2,499 1.4% 5.5% 5.6%
$2,500 to $2,999 4.8% 1.9% 2.4%
$3,000 or more 0.4% 1.5% 2.4%

Rent Cost vs. Income in ZIP Code 32940

Renters in ZIP Code 32940 use an estimated 30.21% of their income to cover their monthly rent payments. That is about 5% lower than in Florida overall. The estimate for Florida overall is 31.74% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 32940 renters use about 1% more of their income to cover rent expense. Household income figures for ZIP Code 32940 come in higher than in Florida as a whole. The median annual household income in ZIP Code 32940 of $71,812 sits approximately 29% higher than the overall Florida median income of $55,660 and approximately 14% higher than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 32940

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 32940, Florida, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 32940 along with the same calculations in the state of Florida and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 32940

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 32940 Florida U.S.
Less than 15.0 percent 14.4% 8.9% 13.1%
15.0 to 19.9 percent 12.7% 10.7% 12.9%
20.0 to 24.9 percent 13.5% 12.4% 12.9%
25.0 to 29.9 percent 4.3% 11.7% 11.6%
30.0 to 34.9 percent 10.9% 9.6% 9.1%
35.0 percent or more 44.2% 46.7% 40.5%

Household Income in ZIP Code 32940

See the table below for the regional comparison of annual household income in ZIP Code 32940.

Income ZIP 32940 Florida U.S.
Less than $10,000 2.9% 6.5% 6.0%
$10,000 to $14,999 3.5% 4.3% 4.3%
$15,000 to $24,999 7.6% 9.9% 8.9%
$25,000 to $34,999 6.1% 10.3% 8.9%
$35,000 to $49,999 14.2% 13.9% 12.3%
$50,000 to $74,999 17.4% 18.3% 17.2%
$75,000 to $99,999 12.3% 12.4% 12.7%
$100,000 to $149,999 16.3% 13.1% 15.1%
$150,000 to $199,999 11.5% 5.3% 6.8%
$200,000 or more 8.2% 6.0% 7.7%

Household Income in ZIP Code 32940

See the chart below for a comparison of annual household income figures in ZIP Code 32940, Florida, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 32940 alongside the same figures for the state of Florida and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 32940

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 32940.

ZIP 32940 Florida U.S.
Median Housing Rent $1,460 $1,175 $1,062
Renter-Occupied Housing Units 17.7% 34.6% 36.0%
Rental Vacancy Rate 3.9% 8.4% 6.0%
Average Size of Renter-Occupied Unit 2.15 2.67 2.49
Average # of Bedrooms Per Unit 3.09 2.63 2.75
Percent of Income Spent on Rent 30.21% 31.74% 29.83%
Per Capita Income $41,145 $31,619 $34,103
Median Household Income $97,902 $80,286 $88,607
Living Below the Poverty Line 2.9% 10.0% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 32940

In ZIP Code 32940 (Melbourne, FL), and estimated 17.7% of housing units are occupied by renters. This region has an approximate rental vacany rate of 3.9%.

The per capita income in 32940 is estimated at $41,145, which goes along with an estimated median household income of $97,902. About 2.9% of residents in this Brevard County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 2.15 occupants, while the units have an aggregate average size of 3.09 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 30.21% of their income on housing rental costs.

Rental FAQs for ZIP Code 32940

1

What is the median monthly rent in ZIP Code 32940?

Median rent for housing in ZIP Code 32940 in Brevard County in Florida is approximately $1,460 per month.
2

Is it expensive to rent in ZIP Code 32940?

Rent in ZIP Code 32940 is higher than average in the state of Florida overall. The median monthly rent of $1,460 in ZIP Code 32940 is approximately 24% higher than the Florida median of $1,175. Additionally, median rent in this Melbourne, FL region ($1,460) is about 37% higher than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 32940?

High-priced rentals are less common in ZIP Code 32940 than in Florida overall. The percentage of rentals in ZIP Code 32940 that cost $3,000 or more per month (0.4%) is about 73% lower than the Florida rate of 1.5% that cost that much. Additionally, the overall U.S. rate of 2.4% paying $3,000 or more per month is about 83% higher than the aforementioned 32940 rate of 0.4%.
4

Are affordable rentals common in ZIP Code 32940?

Affordable rentals are less common in ZIP Code 32940 than in Florida overall. The percentage of housing rentals in ZIP Code 32940 costing $999 or less per month (9.8%) is approximately 71% lower than the Florida rate of 34.3% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 79% higher than the previously mentioned 32940 rate of 9.8%.
5

What is the most common cost range that rentals fall into in ZIP Code 32940?

The most common range for rental cost in ZIP Code 32940 is between $1,000 and $1,499 per month. About 43.2% of renters in 32940 pay in this range for monthly rent. In comparison, approximately 39.0% of renters in the state of Florida fall in the between $1,000 and $1,499 range, and 30.0% of overall U.S. renters fall in this range.
6

Does ZIP Code 32940 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 32940 is lower than the rental vacancy rate in the state of Florida overall. Rental vacancy of 3.9% in ZIP Code 32940 is about 54% lower than the Florida rate of 8.4%. Looking more broadly, rental vacancy in this Melbourne, FL region (3.9%) is an estimated 35% lower than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 32940? How does it compare to other Florida regions?

Median household income in ZIP Code 32940 is higher than in the state of Florida overall. Annual household income of $71,812 in ZIP Code 32940 is about 29% higher than the Florida median of $55,660. Additionally, median household income in this Melbourne, FL region ($71,812) is approximately 14% higher than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 32940 spend on housing costs?

Renters in ZIP Code 32940 spend a lower amount of their income on rent costs than do renters in Florida overall. Renters in ZIP Code 32940 spend an estimated 30.21% of their income on rent payments, which is about 5% lower than the overall Florida estimated rate of 31.74%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 1% lower than the ZIP Code 32940 estimated rate of 30.21%.
9

Do renters in ZIP Code 32940 typically spend a large portion of their income on rent payments?

It is uncommon for renters in ZIP Code 32940 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 32940 spending 30 percent or more of their income on rent costs (55.1%) is approximately 2% lower than the Florida rate of 56.3% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 11% lower than the aforementioned 32940 rate of 55.1%.
10

What is the average household size of renter-occupied units in ZIP Code 32940?

The average household size of renter-occupied units in ZIP Code 32940 is lower than in the state of Florida overall. Annual household size of 2.15 in ZIP Code 32940 is about 19% lower than the Florida median of 2.67. Additionally, median household size in this Melbourne, FL region (2.15) is approximately 14% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other Florida ZIP Codes