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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 $295,895, lower than the Tennessee average of $315,131.
The average cost of rent is $1,045/mo in Melbourne, primarily driven by the current value of real estate in the Melbourne area. In Melbourne, 22.59% of households rent, and 51.37% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Melbourne is $5,459 per month. Households that rent pay about 19.15% of their income on rent here. Melbourne’s most expensive areas are in the southern regions, while the cheapest areas are in the eastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Andersonville, TN: less expensive homes
- Ridenour, TN: less expensive homes
- Heiskell, TN: less expensive homes
- Norris, TN: equally priced homes
- Warwicktown, TN: less expensive homes
- Graveston, TN: less expensive homes
- Grantsboro, TN: less expensive homes
- Rocky Top, TN: less expensive 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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