Home Price Key
Affordable
Average
Expensive
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 $622,161, higher than the Massachusetts average of $477,554.
The average cost of rent is $1,710/mo in Melrose, primarily driven by the current value of real estate in the Melrose area. While nearly 29.90% of residents own their homes outright in Melrose, 29.70% rent.
Housing affordability isn’t just about home prices, though. The average household income in Melrose is $12,013 per month. Households that rent pay about 14.24% of their income on rent here. Melrose's most expensive areas are in the northwestern regions, while the cheapest areas are in the southern parts of the city.
Nearby Cities
- Malden, MA: less expensive homes
- Stoneham, MA: less expensive homes
- Saugus, MA: less expensive homes
- Wakefield, MA: equally priced homes
- Everett, MA: less expensive homes
- Medford, MA: equally priced homes
- Winchester, MA: higher priced homes
- Revere, MA: less expensive homes
- Chelsea, MA: less expensive homes
- Somerville, MA: higher priced homes
Cities with Similar Populations
- Westfield, NJ: higher priced homes
- Burton, MI: less expensive homes
- Cave Creek, AZ: less expensive homes
- Cayey, PR: less expensive homes
- Clearfield, UT: less expensive homes
- Cloverleaf, TX: less expensive homes
- Coraopolis, PA: less expensive homes
- Dade City, FL: less expensive homes
- West Linn, OR: equally priced homes
- West Springfield Town, MA: less expensive homes
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