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 $202,215, lower than the Tennessee average of $218,916.
The average cost of rent is $890/mo in Melbourne, primarily driven by the current value of real estate in the Melbourne area. While nearly 45.27% of residents own their homes outright in Melbourne, 30.01% rent.
Housing affordability isn’t just about home prices, though. The average household income in Melbourne is $4,580 per month. Households that rent pay about 19.42% of their income on rent here. Melbourne's most expensive areas are in the northeastern regions, while the cheapest areas are in the central parts of the city.
Nearby Cities
- Andersonville, TN: less expensive homes
- Ridenour, TN: equally priced homes
- Heiskell, TN: equally priced homes
- Norris, TN: equally priced homes
- Warwicktown, TN: less expensive homes
- Graveston, TN: less expensive homes
- Grantsboro, TN: less expensive homes
- Rocky Top, TN: higher priced homes
- Lake City, TN: less expensive homes
- Powell, TN: equally priced homes
Cities with Similar Populations
- Laclede, MO: less expensive homes
- Lincolnville Center, ME: less expensive homes
- Liddell, NC: less expensive homes
- Lewisville, MN: less expensive homes
- Lenape, KS: higher priced homes
- Lemannville, LA: less expensive homes
- Lavinia, TN: less expensive homes
- Lancaster, MN: less expensive homes
- Lamont, MI: higher priced homes
- Lacomb, OR: higher priced homes
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