Home Price Key
Affordable
Average
Expensive
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 $199,849, higher than the Kentucky average of $164,895.
The average cost of rent is $743/mo in Melbourne, primarily driven by the current value of real estate in the Melbourne area. While nearly 39.26% of residents own their homes outright in Melbourne, 16.33% rent.
Housing affordability isn’t just about home prices, though. The average household income in Melbourne is $5,879 per month. Households that rent pay about 12.63% of their income on rent here. Melbourne's most expensive areas are in the northern regions, while the cheapest areas are in the eastern parts of the city.
Nearby Cities
- Silver Grove, KY: less expensive homes
- Crestview, KY: less expensive homes
- Cold Spring, KY: equally priced homes
- Carthage, KY: higher priced homes
- Alexandria, KY: higher priced homes
- Highland Heights, KY: less expensive homes
- Mount Pisgah, OH: higher priced homes
- Ryland Heights, KY: less expensive homes
- Tylor Mill, KY: less expensive homes
- New Richmond, OH: equally priced homes
Cities with Similar Populations
- Cannelton, IN: less expensive homes
- Lost Hills, CA: less expensive homes
- Salemburg, NC: less expensive homes
- Odum, GA: less expensive homes
- Olanta, SC: less expensive homes
- Omaha, AR: less expensive homes
- Ord, NE: less expensive homes
- Oxford, CO: higher priced homes
- Pangburn, AR: less expensive homes
- Panora, IA: less expensive homes
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