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These days, finding an affordable place to live in the Melbourne area can be challenging. Home prices in Melbourne are now at a median cost of $151,238, lower than the Arkansas average of $207,061.
The average cost of rent is $590/mo in Melbourne, primarily driven by the current value of real estate in the Melbourne area. In Melbourne, 37.78% of households rent, and 54.89% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Melbourne is $3,456 per month. Households that rent pay about 17.07% of their income on rent here. Melbourne’s most expensive areas are in the southern regions, while the cheapest areas are in the northwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Boswell, AR: less expensive homes
- Lunenburg, AR: higher priced homes
- Larkin, AR: less expensive homes
- Newburg, AR: less expensive homes
- Sylamore, AR: higher priced homes
- Violet Hill, AR: less expensive homes
- Knob Creek, AR: less expensive homes
- Sage, AR: equally priced homes
- Brockwell, AR: less expensive homes
- Guion, AR: higher priced homes
Cities with Similar Populations
- Post Oak Bend City, TX: higher priced homes
- Goldthwaite, TX: higher priced homes
- Graford, TX: higher priced homes
- Hico, TX: higher priced homes
- Lone Star, TX: less expensive homes
- Memphis, MO: equally priced homes
- Middletown, CA: higher priced homes
- Mountain Lake Park, MD: higher priced homes
- Muir, CA: higher priced homes
- Outlook, WA: higher priced homes
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