Can parents buy a home near Florida Tech in Melbourne, FL for their college student?

Yes, but Florida Tech requires most new full-time undergrads to live on campus for their first four fall and spring semesters, so time a Melbourne purchase around that rule and Brevard County tax rules.

Every year, parents of Florida Tech students run the same math. Four years of rent in Melbourne, Florida adds up, so why not buy a condo or a small house near campus, let your student live there, rent the extra bedrooms to roommates, and sell after graduation?

It can work. But there are three rules most parents do not find out about until after closing: Florida Tech's housing residency requirement, how Florida homestead works when the owner does not live in the home, and what changes when your student becomes a landlord to their friends. Here is what each one means for a Space Coast purchase.

Where is Florida Tech in Melbourne, FL?

Florida Institute of Technology's main campus is at 150 W. University Blvd., Melbourne, FL 32901, in Brevard County on Florida's Space Coast. Babcock Street runs past the university, and Florida Tech says Melbourne Orlando International Airport is less than 10 minutes from campus, which is handy for students flying home and parents flying in. If you will be flying in often, my guide to Orlando Melbourne International Airport (MLB) covers the airport side.

Does Florida Tech require students to live on campus?

This is the rule that changes the timing. Florida Tech's undergraduate two-year residency requirement says full-time undergraduates at the Melbourne campus must reside in university housing through their first four consecutive fall and spring semesters.

The policy lists exemptions, including students who are married, are the primary caregiver for dependent children, are 21 or older, or reside with immediate family within 50 miles of campus. Immediate family means a parent, stepparent, grandparent, legal guardian, or a sibling over 21 who is not also enrolled at Florida Tech. The family member's home also has to have been their primary residence for at least six months before the academic year, and exemptions must be approved by the university.

Here is the catch for out-of-state parents: buying a condo in Melbourne does not by itself meet the live-with-family exemption, because you are not living there. Unless your student qualifies another way, plan on campus housing for the first two years and a purchase that lines up with junior year.

Can you get a Florida homestead exemption on a home your student lives in?

Usually the homestead exemption goes to an owner who makes the property their permanent residence as of January 1, and the Brevard County Property Appraiser says applications must be submitted by March 1 of the year the benefit applies. The Florida Department of Revenue's homestead brochure (PT-113) also mentions a home that is the permanent residence of the owner's dependent.

Whether a college student counts as that kind of dependent is a judgment the property appraiser makes, not something to assume. If you live and are taxed as a resident in another state, ask BCPAO directly before you count on any homestead savings. Most parents should budget this purchase as a non-homestead property. For the full background, see my Brevard County homestead and Save Our Homes guide.

What happens to property taxes on a non-homestead home in Melbourne?

Non-homestead residential property still gets a cap, just a looser one. Under Fla. Stat. 193.1554, the assessed value of residential property with nine or fewer units may not increase more than 10 percent over the prior year. That is a useful guardrail on a four-year hold, but it is looser than the Save Our Homes cap a homesteaded owner gets.

That cap is about to tighten. Florida voters approved Amendment 3 in November 2026, and the Pinellas County Property Appraiser's Amendment 3 FAQ explains it reduces the non-homestead annual assessment limitation from 10% to 5% for non-school taxes, starting in 2027. School taxes stay uncapped. Implementing legislation was still pending, so watch BCPAO for how Brevard County applies it. I covered the homestead side of the amendment in Amendment 3 Passed: Why December 31, 2026 Matters.

Question Owner lives there (homestead) Parent owns, student lives there
Homestead exemption Yes, if filed by March 1 Generally no; ask BCPAO about dependent situations
Annual assessment cap Save Our Homes cap 10% non-homestead cap through 2026; 5% for non-school taxes starting in 2027 under Amendment 3
Counts toward Florida Tech's family exemption Yes, after six months as primary residence No, the parent does not reside there

What if your student rents rooms to roommates?

Renting the spare bedrooms is how a lot of parents make the numbers work. Once roommates pay rent, you are a Florida landlord, and Florida landlord-tenant law applies. Security deposits are a good example. Under Fla. Stat. 83.49, if you are not claiming any of the deposit you return it within 15 days after the lease ends, and if you are claiming part of it you must send notice by certified mail within 30 days.

Ask a Florida attorney whose name should go on the leases, and keep the paperwork tidy. I go deeper in Security Deposit Rules for Brevard County, FL Landlords.

What should parents look for in a Melbourne home near campus?

  • A realistic timeline. Line the closing up with the end of the residency requirement, not freshman move-in.
  • A layout that rents. Bedrooms with their own bathrooms are easier to rent to roommates.
  • HOA or condo rental rules. Some Space Coast associations restrict leasing. Read the documents before you write an offer.
  • An exit plan. Decide now whether you will sell after graduation, keep it as a rental, or use it as a Florida landing spot of your own.

FAQ: Buying Near Florida Tech in Melbourne, FL

How long do Florida Tech students have to live on campus?

Florida Tech requires full-time undergraduates at its Melbourne campus to live in university housing through their first four consecutive fall and spring semesters, unless they qualify for an approved exemption.

Can a student live in a parent-owned condo instead of the dorms?

Only with an approved exemption. Living with immediate family within 50 miles qualifies, but a parent-owned condo where the parent does not live does not meet that exemption on its own.

Do parents pay higher property taxes on a home their student lives in?

Often, because the home is usually non-homestead. It still has an annual cap on assessed value increases, 10% under current law and 5% for non-school taxes starting in 2027 under Amendment 3. Ask the Brevard County Property Appraiser about your specific situation.

Thinking about buying near Florida Tech for your student and want help timing it right in Melbourne? My partner Nichole and I got your back. Reach out anytime at (321) 212-7676 or www.livingspacecoast.com.