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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 $502,100, lower than the Washington average of $621,115.
The average cost of rent is $1,087/mo in Melbourne, primarily driven by the current value of real estate in the Melbourne area. In Melbourne, 19.31% of households rent, and 65.81% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Melbourne is $5,587 per month. Households that rent pay about 19.46% of their income on rent here. Melbourne’s most expensive areas are in the central 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
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Cities with Similar Populations
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