PALM BAY, Fla. – Purchasing a home is one of the most important investments there is.
More than a place to live, homeownership is an asset with the potential to tremendously rise in value.
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But with home prices reaching record heights, affordability plays a huge role for buyers.
The typical home value in the United States was $355,696 in March, 4.6% higher than the year before.High mortgage rates are also making monthly payments more expensive; as of May 2, the 30-year fixed mortgage rate sits at 7.22%.
Although home prices have inflated all across the U.S., there are some cities that command a higher price tag than others. Location, size, age, and condition are all contributing factors to home value.
Stacker compiled a list of cities with the most expensive homes in the Palm Bay metro area using data from Zillow. Charts show the monthly typical home value since January 2018.
All 19 cities and towns with data available were included in the list.
Stacker
#19. Micco, FL
- Typical home value: $238,103
- 1-year price change: -3.3%
- 5-year price change: +60.5%
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#18. Titusville, FL
- Typical home value: $279,751
- 1-year price change: +3.8%
- 5-year price change: +69.7%
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#17. Cocoa, FL
- Typical home value: $303,449
- 1-year price change: +4.1%
- 5-year price change: +68.9%
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#16. Palm Bay, FL
- Typical home value: $313,365
- 1-year price change: +2.5%
- 5-year price change: +65.9%
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#15. Cape Canaveral, FL
- Typical home value: $354,511
- 1-year price change: -0.7%
- 5-year price change: +57.1%
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#14. Mims, FL
- Typical home value: $375,204
- 1-year price change: +5.1%
- 5-year price change: +71.5%
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#13. Melbourne, FL
- Typical home value: $376,135
- 1-year price change: +2.8%
- 5-year price change: +62.1%
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#12. Rockledge, FL
- Typical home value: $399,300
- 1-year price change: +2.5%
- 5-year price change: +59.2%
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#11. West Melbourne, FL
- Typical home value: $406,740
- 1-year price change: +0.4%
- 5-year price change: +56.7%
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#10. Melbourne Village, FL
- Typical home value: $420,450
- 1-year price change: +6.1%
- 5-year price change: +65.4%
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#9. Merritt Island, FL
- Typical home value: $446,577
- 1-year price change: +3.2%
- 5-year price change: +60.2%
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#8. Palm Shores, FL
- Typical home value: $469,404
- 1-year price change: +2.1%
- 5-year price change: +61.9%
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#7. Indian Harbour Beach, FL
- Typical home value: $489,746
- 1-year price change: +4.3%
- 5-year price change: +62.2%
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#6. Cocoa Beach, FL
- Typical home value: $495,282
- 1-year price change: +1.3%
- 5-year price change: +57.1%
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#5. Malabar, FL
- Typical home value: $537,170
- 1-year price change: +4.9%
- 5-year price change: +67.8%
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#4. Satellite Beach, FL
- Typical home value: $541,101
- 1-year price change: +4.2%
- 5-year price change: +67.2%
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#3. Grant-Valkaria, FL
- Typical home value: $546,455
- 1-year price change: +4.3%
- 5-year price change: +67.8%
Stacker
#2. Indialantic, FL
- Typical home value: $644,250
- 1-year price change: +3.6%
- 5-year price change: +69.1%
Stacker
#1. Melbourne Beach, FL
- Typical home value: $659,283
- 1-year price change: +6.7%
- 5-year price change: +74.2%
This story features data reporting and writing by Elena Cox and is part of a series utilizing data automation across 379 metros.