How much is a home worth in ZIP code 32940?

The typical home in 32940 is worth $484,705, based on the Zillow Home Value Index.

Are home values rising in 32940?

Home values in 32940 are down 3.1% over the past year, and up 5.5% a year over five years.

What is the typical rent in 32940?

A typical home in 32940 rents for about $2,196 a month, a gross rental yield of 5.4%.

What is the property tax rate in 32940?

The effective property tax rate in 32940 is 0.7% — roughly $3,282 a year on a typical home.

ZIP code 32940 has a population of 51,727 and a median household income of $110,495.

HousingHandbookReference data

…

U.S. ZIP Code · FL32940

Brevard County · Palm Bay-Melbourne-Titusville, FL

Typical home value

$484,705^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -3.1%
5-year / yr: +5.5%
10-year / yr: +6.1%

Relative price

vs U.S.: +70.6%
vs metro: +38.0%
vs state: +39.8%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 32940 is worth $484,705 — 38.0% above the Palm Bay-Melbourne-Titusville, FL median. Over the past year, values have fallen 3.1%. Homes here rent for a typical $2,196 a month — a 5.4% gross rental yield. The effective property tax rate is 0.7%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $2,196^[2]
Gross yield: 5.4%^[2]
Cap rate: 3.3%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 0.7%^[3]
Typical annual tax: $3,282^[3]

#Climate risk

FEMA National Risk Index ratings for Brevard County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Relatively High^[4]
Riverine flood: Relatively High
Coastal flood: Relatively Moderate
Wildfire: Relatively Moderate
Drought: Relatively Low
Heat wave: Relatively Moderate
Hurricane: Very High
Tornado: Relatively High
Earthquake: Very Low
Winter weather: No Rating

#Who lives here

Population: 51,727^[3]
Median household income: $110,495^[3]

#Migration

Household moves in and out of Brevard County over a year, from IRS tax-return data.

Net migration: +5,016^[5]
Moved in: 20,374
Moved out: 15,358

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 10
Elementary: 6
Middle: 0
High: 1

VIERA HIGH SCHOOL
High · Grades 9–12 · BREVARD
2,314 students
VIERA CHARTER SCHOOL
Elementary · Grades K–8 · BREVARD
1,562 students
MANATEE ELEMENTARY SCHOOL
Elementary · Grades PK–6 · BREVARD
876 students
VIERA ELEMENTARY SCHOOL
Elementary · Grades PK–6 · BREVARD
784 students
QUEST ELEMENTARY SCHOOL
Elementary · Grades PK–6 · BREVARD
714 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield5.4%

Net yield (after ~40% expenses)3.3%

Annual rent$26,353

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$2,451

Loan principal$387,764

Down payment$96,941

Total interest paid$494,572

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio1.43

Monthly cost to own$3,130

Monthly rent$2,196

Renting is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 64th percentile^[1]
Rental yield: 14th percentile^[2]
Property tax: 56th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 32940?: The typical home in 32940 is worth $484,705, based on the Zillow Home Value Index.
Are home values rising in 32940?: Home values in 32940 are down 3.1% over the past year, and up 5.5% a year over five years.
What is the typical rent in 32940?: A typical home in 32940 rents for about $2,196 a month, a gross rental yield of 5.4%.
What is the property tax rate in 32940?: The effective property tax rate in 32940 is 0.7% — roughly $3,282 a year on a typical home.
Who lives in 32940?: ZIP code 32940 has a population of 51,727 and a median household income of $110,495.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

32934 vs 32940 →
Melbourne, FL
Typical home
$493,435
Gross yield
4.4%
32937 vs 32940 →
Satellite Beach, FL
Typical home
$501,128
Gross yield
6.4%
32931
Cocoa Beach, FL
Typical home
$456,899
Gross yield
6.8%
32949
Grant-Valkaria, FL
Typical home
$517,942
Gross yield
—
32952
Merritt Island CDP, FL
Typical home
$435,893
Gross yield
5.2%
32953
North Merritt Island CDP, FL
Typical home
$427,456
Gross yield
5.4%

Want similar ZIPs from outside this metro? Browse nationally similar ZIPs →

Compare ZIPs

Pit ZIP 32940 against any other ZIP — full side-by-side table.

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#Jump to section

U.S. ZIP Code · FL32940

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