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Affordable
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These days, finding an affordable place to live in the Melrose area can be challenging. Home prices in Melrose are now at a median cost of $132,717, lower than the Iowa average of $226,062.
The average cost of rent is $878/mo in Melrose, primarily driven by the current value of real estate in the Melrose area. In Melrose, 10.89% of households rent, and 62.32% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Melrose is $5,751 per month. Households that rent pay about 15.26% of their income on rent here. Melrose’s most expensive areas are in the southern regions, while the cheapest areas are in the southwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Russell, IA: less expensive homes
- Georgetown, IA: equally priced homes
- Walnut City, IA: higher priced homes
- Plano, IA: equally priced homes
- Garfield, IA: less expensive homes
- Weller, IA: higher priced homes
- Promise City, IA: less expensive homes
- Moravia, IA: higher priced homes
- Mystic, IA: less expensive homes
- Rathbun, IA: higher priced homes
Cities with Similar Populations
- Little Meadows, PA: higher priced homes
- Santa, ID: higher priced homes
- San Ygnacio, TX: less expensive homes
- Salem, OK: equally priced homes
- Salem Heights, IN: higher priced homes
- Rousculp, OH: higher priced homes
- Roane, TX: less expensive homes
- Riverdale, SC: less expensive homes
- Ludlow, IL: equally priced homes
- Logan, MT: higher priced homes
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