NOVEMBER2018 Melbourne Metro - zillowstatic · Grant-Valkaria -4.4% Malabar 0.9% Merritt Island...
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www.zillow.com/research/ DECEMBER2018 Melbourne Metro National Rents Current: $1,460 Monthly Change: 0.8% Annual Change: 1.4% Melbourne Metro Rents Current: $1,431 Monthly Change: 1.2% Annual Change: 2.7% Breakeven Horizon 1.6 years Major Cities - Rents Melbourne Current: $1,372 Monthly Change: 1.3% Annual Change: 4.3% Breakeven Horizon: 1.6 years Palm Bay Current: $1,329 Monthly Change: 0.9% Annual Change: 5.5% Breakeven Horizon: 1.3 years Titusville Current: $1,253 Monthly Change: 1% Annual Change: 4.5% Breakeven Horizon: 1.1 years West Melbourne Current: $1,590 Monthly Change: 1.4% Annual Change: 7.7% Breakeven Horizon: 1.7 years Satellite Beach Current: $1,908 Monthly Change: -0.6% Annual Change: 5.2% Breakeven Horizon: 2 years Esri, HERE, DeLorme, MapmyIndia, © OpenStreetMap contributors, and the GIS user community City ZRI Year-over-Year -3.8% -3.7% - -3.1% 3.0% - 3.6% 3.7% - 4.5% 4.6% - 5.2% 5.3% - 6.0% 6.1% - 7.7% Metro Cities: Top/Bottom by Annual Rent Appreciation Top: West Melbourne 7.7% Cocoa Beach 7% Indian Harbour Beach 6% Cape Canaveral 5.6% Palm Bay 5.5% Bottom: Micco -3.8% Grant-Valkaria -3.1% Indialantic 3% Malabar 3.2% Mims 3.6% Metro Neighborhoods: Top/Bottom by Annual Rent Appreciation Top: South Patrick Shores 4.6% Bottom: South Patrick Shores 4.6% How do we measure rents? To track rents, we use the Zillow Rent Index (ZRI). The ZRI is the midpoint of estimated rents in a given region. Half the estimated rental prices are above this number and half are below. What is the Breakeven Horizon? The Breakeven Horizon in the number of years you must live in a home before owning the same home becomes more financially advantageous than renting the home. For example, if ’City X’ had a Breakeven Horizon of 5.5 years, it is financially better for you to rent in ’City X’ unless you plan on living there for more than 5.5 years.
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Transcript of NOVEMBER2018 Melbourne Metro - zillowstatic · Grant-Valkaria -4.4% Malabar 0.9% Merritt Island...
www.zillow.com/research/
DECEMBER2018 Melbourne Metro
National Rents
Current: $1,460Monthly Change: 0.8%Annual Change: 1.4%
Melbourne Metro Rents
Current: $1,431Monthly Change: 1.2%Annual Change: 2.7%
Breakeven Horizon1.6 years
Major Cities - Rents
MelbourneCurrent: $1,372Monthly Change: 1.3%Annual Change: 4.3%Breakeven Horizon: 1.6 years
Palm BayCurrent: $1,329Monthly Change: 0.9%Annual Change: 5.5%Breakeven Horizon: 1.3 years
TitusvilleCurrent: $1,253Monthly Change: 1%Annual Change: 4.5%Breakeven Horizon: 1.1 years
West MelbourneCurrent: $1,590Monthly Change: 1.4%Annual Change: 7.7%Breakeven Horizon: 1.7 years
Satellite BeachCurrent: $1,908Monthly Change: -0.6%Annual Change: 5.2%Breakeven Horizon: 2 years
Esri, HERE, DeLorme, MapmyIndia, © OpenStreetMap contributors, and the GIS user community
City ZRI Year-over-Year-3.8% -3.7% - -3.1% 3.0% - 3.6% 3.7% - 4.5% 4.6% - 5.2% 5.3% - 6.0% 6.1% - 7.7%
Metro Cities: Top/Bottom by Annual Rent AppreciationTop:West Melbourne 7.7%
Cocoa Beach 7%
Indian Harbour Beach 6%
Cape Canaveral 5.6%
Palm Bay 5.5%
Bottom:Micco -3.8%
Grant-Valkaria -3.1%
Indialantic 3%
Malabar 3.2%
Mims 3.6%
Metro Neighborhoods: Top/Bottom by Annual Rent AppreciationTop:South Patrick Shores 4.6%
Bottom:South Patrick Shores 4.6%
How do we measure rents? To track rents, we use the Zillow Rent Index (ZRI). The
ZRI is the midpoint of estimated rents in a given region. Half the estimated rental prices
are above this number and half are below.
What is the Breakeven Horizon? The Breakeven Horizon in the number of years you
must live in a home before owning the same home becomes more financially advantageous
than renting the home. For example, if ’City X’ had a Breakeven Horizon of 5.5 years,
it is financially better for you to rent in ’City X’ unless you plan on living there for more
than 5.5 years.
DECEMBER2018
*Top cities and neighborhoods by size within the metro are listed. Additional counties, cities, neighborhoods and zip codes may be available online at
www.zillow.com/research/data or by emailing [email protected]
Zillow Research:Zillow R© is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the placethey call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics andanalytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housingdata and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price ExpectationsSurvey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow HomeValue Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence inlocal housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z), andheadquartered in Seattle.
www.zillow.com/research/
Largest Cities Covered by Zillow
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Cape Canaveral 1.7 1,522 5.6 1,700 1.3Cocoa Beach 3.1 1,752 7 1,900 1.5Grant-Valkaria 1,805 -3.1 1Indialantic 2.4 2,278 3 1.3Indian Harbour Beach 1.8 1,860 6 1.2June Park 1.7 1,503 5.1 1Malabar 3 1,750 3.2 0.9Melbourne 1.6 1,372 4.3 1,500 1Melbourne Beach 2.3 2,075 4.8 1.4Micco 1.3 1,343 -3.8 1.1Mims 1,448 3.6Palm Bay 1.3 1,329 5.5 1,340 0.9Satellite Beach 2 1,908 5.2 2,200 1.2Titusville 1.1 1,253 4.5 1,100 0.9West Melbourne 1.7 1,590 7.7 1,700 0.9
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North Augusta 1.6 1,156 1.5 0.7Tignall 1,155 3.8 0.8Trenton 1.1 945 1.4 0.7Windsor 902 8.3 0.8
Largest Neighborhoods Covered by Zillow
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Angel City 1.8South Patrick Shores 1.9 1,695 4.6 1.3
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