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ZIP Code · FL

ZIP 32940

Pop. 51,727·Brevard County·293rd most expensive ZIP in Florida
Median rent (all units)
$2,180/mo
Year-over-Year
+0.6%
Month-over-Month
-1.2%
vs US Median
+$215
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 32940 · $2,180
More expensive than 69% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,710
1 BR
$2,000
2 BR
$2,310
3 BR
$3,150
4 BR+
$3,570
Research median
$2,310/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$26,160/yr
At $2,180/mo median
Location
StateFL
CountyBrevard County
Rent Market Meter
Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are softening (up only 0.6% YoY), so renters have negotiating leverage.
Based on rent-price momentum (+0.6% YoY, -1.2% MoM), not inventory.
Demographics

Who lives here

ZIP 32940 (Melbourne, FL) is majority owner-occupied, has a large retiree population, has a median income above the national average, 52.2% of residents hold a bachelor's degree or higher.

Population
51,727
Median income
$110,495
Median age
48.3
Renters
15.8%
Age distribution
20.3%
13.2%
25.3%
14.9%
26.3%
Under 1820.3%
18–3413.2%
35–5425.3%
55–6414.9%
65+26.3%
Gender
49.3%
50.7%
Male49.3%
Female50.7%
Race & ethnicity
79.1%
White79.1%
Black3.1%
Hispanic11%
Asian5.1%
Other1.5%
Education (25+)
14.4%
30.4%
52.2%
No HS diploma3%
HS diploma14.4%
Some college30.4%
Bachelor's+52.2%
Housing tenure
84.2%
15.8%
Owner84.2%
Renter15.8%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 32940 in Melbourne, FL has changed in 5 years

Rent
$1,693 → $2,180
up 28.8%
Income
$86,347 → $110,495
up 28.0%
Population
45,050 → 51,727
up 14.8%
Renter share
16.5% → 15.8%
-0.7 pts
Bachelor's+
50.6% → 52.2%
+1.6 pts

Across the past five years, the going rent in ZIP 32940 in Melbourne, FL has shifted from $1,693 to $2,180, up 28.8% since 2021. Household income in the area moved from $86,347 to $110,495 across the same window, up 28.0% versus 2021. Census counts show ZIP 32940 in Melbourne, FL adding about 6,677 residents over the five-year window, up 14.8% on net. Reading these numbers side by side helps frame whether current listings in ZIP 32940 in Melbourne, FL look reasonable against where the market sat half a decade ago.

Community

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Local insights

Tips for renters in ZIP 32940

About renting in ZIP 32940

Last updated: July 20, 2026

ZIP code 32940 covers Melbourne, FL. The median rent here is $2,180/mo as of July 2026. A 1-bedroom rents for a median of $2,000/mo. A 2-bedroom rents for a median of $2,310/mo.

At 24% of local median household income ($110,495/yr), ZIP 32940 ranks as affordable compared to the national benchmark of 30%. Rents have increased 0.6% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 32940?

As of July 20, 2026, the median monthly rent in ZIP 32940 (Melbourne, FL) is $2,180. This is based on aggregated data from public sources and community submissions.

How does ZIP 32940 rent compare to the US average?

ZIP 32940's median rent of $2,180/mo is $215 (11%) above the US national median of $1,965/mo.

How does ZIP 32940 compare to other ZIPs in Florida?

ZIP 32940 falls in the middle range for Florida, ranking #293 out of 662 ZIPs at $2,180/mo.

How much income do you need to rent in ZIP 32940?

To keep rent at or below 30% of gross income, you would need to earn at least $87,000/year (~$42/hour full-time) to afford the median rent of $2,180/mo in ZIP 32940. The local median household income is $110,495/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 32940?

Rent in ZIP 32940 has increased 0.6% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 32940 an affordable place to rent?

ZIP 32940 is considered very affordable for renters. At $2,180/mo, rent takes approximately 24% of the local median household income ($110,495/yr). The standard benchmark is 30%. ZIP 32940 falls comfortably within that range.

What percentage of ZIP 32940 residents rent vs. own?

According to Census data, approximately 15.8% of ZIP 32940 households are renters, while 84.2% are owner-occupied. ZIP 32940 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 32940 compare to the rest of Melbourne?

ZIP 32940 is pricier than Melbourne as a whole. At $2,180/mo, it's $318 above the Melbourne citywide median of $1,862/mo.

When was rent data for ZIP 32940 last updated?

Rent data for ZIP 32940 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
24%
VERY AFFORDABLE

At $2,180/mo, rent takes ~24% of ZIP 32940's median household income ($110,495/yr). The standard benchmark is 30%.

ZIP 32940 24%Benchmark 30%
State income taxNone
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Schools nearby

Public schools near ZIP 32940 (Melbourne, FL)

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