32940, Melbourne, FL

The 32940 zip code of Melbourne, FL has a median home value of $211,000 and a median home equity value of $128,000. The average home price in the 32940 zip code has increased by 5.5% over the past year and has increased by 9.4% over the past five years. The average home equity value in this zip code is higher than the statewide average of $119,500. This indicates that homeowners in this zip code are more likely to have a higher net worth than homeowners statewide.

There are several factors that may contribute to the high home equity values in this zip code. First, Melbourne is a relatively affluent community with a high rate of household income growth over the past five years. Second, there is a high concentration of wealthy households in this zip code, which may lead to higher home values due to demand from wealthier buyers. Third, there is an abundance of luxury homes available for sale in this area, which may also contribute to higher home values. Finally, mortgage rates have remained low throughout most of 2018 and 2019, which may have helped boost homeowner wealth nationwide.