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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 $350,286, lower than the Florida average of $396,783.
The average cost of rent is $1,688/mo in Melbourne, primarily driven by the current value of real estate in the Melbourne area. In Melbourne, 23.32% of households rent, and 42.56% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Melbourne is $7,153 per month. Households that rent pay about 23.59% of their income on rent here. Melbourne’s most expensive areas are in the eastern 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
- Palm Shores, FL: equally priced homes
- Melbourne Village, FL: higher priced homes
- Indian Harbour Beach, FL: higher priced homes
- Satellite Beach, FL: higher priced homes
- West Melbourne, FL: equally priced homes
- Indialantic, FL: higher priced homes
- Patrick Afb, FL: equally priced homes
- Melbourne Beach, FL: higher priced homes
- Pine Grove, FL: higher priced homes
- Narcoossee, FL: higher priced homes
Cities with Similar Populations
- Medford, OR: higher priced homes
- Miami, FL: higher priced homes
- Memphis, TN: less expensive homes
- McKinney, TX: higher priced homes
- Meridian, ID: higher priced homes
- Mechanicsburg, PA: equally priced homes
- Mansfield, OH: less expensive homes
- Little Rock, AR: less expensive homes
- Lynn, MA: higher priced homes
- Longmont, CO: higher priced homes
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