There are a lot of things that you are looking at when planning a move to a new area, lifestyle, quality of life, schools, employment opportunities, and distance to work will make up some of the considerations. The other important item is the cost of living and what you will be spending for your utilities, gas, groceries, and the biggest expense; your home.
Since the largest part of your monthly budget is your mortgage payment or rent, I am breaking down what you can expect to pay to live here on the Space Coast. For this post, I am only looking at single-family homes. I have taken the average sales price, square foot, and age of home for 9 areas of the county from the 2019 sales in our MLS. The estimated mortgage payment is only the principal and interest and does not include your property taxes and insurance (too many variables to consider but I would be happy to discuss them with you on the phone). I entered the average price into a mortgage calculator with a 20% downpayment with a 4.5% interest rate. Talk to a Mortgage Professional on obtaining a loan. I also have taken the average rent price of a single-family home for 2019 from our MLS. Here is what I found.
Cape Canaveral/Cocoa Beach has an average sales price of $485838. The average size home is 1986 square feet with the average year built was 1968. Estimated mortgage payment of $1970. If you are looking to rent a home in the Cocoa Beach/Cape Canaveral area, the average price is $2238 per month.
Cocoa has an average sales price of $208340. The average size home is 1620 square feet with the average year built of 1987. Estimated mortgage payment of $845. If you are looking to rent a home in Cocoa Florida, the average rent price is $1405 per month.
Melbourne has an average sales price of $257275. The average size home is 1855 with the average year built of 1988. Estimated mortgage payment of $1043. If you are looking to rent a home in Melbourne Florida, the average rent price is $1655 per month.
Merritt Island has an average sales price of $378707. The average size home is 2114 square feet with the average year built of 1982. Estimated mortgage payment of $1535. If you are looking to rent a home in Merritt Island, the average rent is $1792 per month.
Palm Bay has an average sales price of $209879. The average size home is 1726 square feet with the average year built of 1995. Estimated mortgage payment of $851. If you are looking to rent a home in Palm Bay, the average rent is $1415 per month.
Rockledge has an average sales price of $263219. The average size home is 1873 square feet with the average year built of 1985. Estimated mortgage payment of $1067. If you are looking to rent a home in Rockledge, the average rent is $1648 per month.
Satellite Beach through Indialantic has an average sales price of $429246. The average size home is 2115 square feet with the average year built of 1975. Estimated mortgage payment of $1740. If you are looking to rent a home in the Satellite Beach area, the average rent is $2489 per month.
Titusville has an average sales price of $206504. The average size home is 1716 with the average year built of 1981. $837. If you are looking to rent a home in Titusville, the average rent is $1360 per month.
Viera/Suntree has an average sales price of $401837. The average size home is 2336 square feet with the average year built of 2003. Estimated mortgage payment of $1629. If you are looking to rent a home in the Viera/Suntree area, the average rent is $2242 per month.
In case you missed it at the beginning of the article. The estimated mortgage payment is only the principal and interest and does not include your property taxes and insurance (too many variables to consider but I would be happy to discuss them with you on the phone). I entered the average price into a mortgage calculator with a 20% down payment with a 4.5% interest rate. Talk to a Mortgage Professional on obtaining a loan.
I hope this information helps in regard to what it will cost you to live here on the Space Coast. I love getting questions on our area and helping buyers find their dream home. Call me, text me, send me an email; I am here to help!
Ready to see what homes are for sale on the Space Coast? Your search starts here. https://cocoabeachinsider.com/real-estate/
About the author:
Eric Larkin is a Broker Associate with REMAX Aerospace. He lives, works, and plays in the Cocoa Beach area. If you have questions about moving or relocating to Cocoa Beach and the Space Coast, let me know! I get calls, texts, direct messages & comments on my posts every day about the real estate market and things that are happening in Cocoa Beach and the Space Coast that I love answering. Ask me your questions on moving, relocating here, or anything about the community. I am here to help. I have been helping buyers and sellers with their real estate needs since becoming a real estate agent in 2003. My focus is always on helping, answering your questions, and doing everything possible to make certain you have a smooth transaction from beginning to end.
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