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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 $243,149, higher than the Kentucky average of $219,615.
The average cost of rent is $921/mo in Melbourne, primarily driven by the current value of real estate in the Melbourne area. In Melbourne, 19.96% of households rent, and 49.00% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Melbourne is $6,443 per month. Households that rent pay about 14.30% 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
- Silver Grove, KY: less expensive homes
- Crestview, KY: equally priced homes
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- Highland Heights, KY: less expensive homes
- Mount Pisgah, OH: equally priced homes
- Ryland Heights, KY: equally priced 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: equally priced homes
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- Olanta, SC: less expensive homes
- Omaha, AR: equally priced 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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