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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 $184,153, lower than the Iowa average of $226,062.
The average cost of rent is $752/mo in Melbourne, primarily driven by the current value of real estate in the Melbourne area. In Melbourne, 22.87% of households rent, and 34.44% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Melbourne is $6,502 per month. Households that rent pay about 11.57% of their income on rent here. Melbourne’s most expensive areas are in the southeastern regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Van Cleve, IA: higher priced homes
- Rhodes, IA: higher priced homes
- State Center, IA: equally priced homes
- LaMoille, IA: higher priced homes
- Haverhill, IA: equally priced homes
- Baxter, IA: higher priced homes
- Laurel, IA: equally priced homes
- Collins, IA: higher priced homes
- Ferguson, IA: higher priced homes
- Marietta, IA: less expensive homes
Cities with Similar Populations
- Rosemount, OH: less expensive homes
- Mount Selman, TX: equally priced homes
- Naytahwaush, MN: equally priced homes
- New Bedford, OH: higher priced homes
- Occoquan, VA: higher priced homes
- Otter Hill, VA: higher priced homes
- Ovilla, TN: less expensive homes
- Paris, ME: higher priced homes
- Richmond, NH: higher priced homes
- Ridgway, IL: less expensive homes
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