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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 $166,356, lower than the New Mexico average of $265,486.
The average cost of rent is $838/mo in Melrose, primarily driven by the current value of real estate in the Melrose area. In Melrose, 18.46% of households rent, and 74.35% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Melrose is $4,601 per month. Households that rent pay about 18.22% of their income on rent here. Melrose’s most expensive areas are in the northeastern regions, while the cheapest areas are in the southeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Krider, NM: higher priced homes
- St. Vrain, NM: higher priced homes
- Grier, NM: higher priced homes
- Ranchvale, NM: higher priced homes
- Cannon Air Force Base, NM: equally priced homes
- Hollene, NM: higher priced homes
- Taiban, NM: higher priced homes
- Clovis, NM: equally priced homes
- Texico, NM: higher priced homes
- Fort Sumner, NM: higher priced homes
Cities with Similar Populations
- Sand Lake, NY: higher priced homes
- Nona, TX: higher priced homes
- North Hornell, NY: less expensive homes
- Nuremberg, PA: higher priced homes
- Oliver, AL: higher priced homes
- Owendale, MI: less expensive homes
- Oxford, AR: less expensive homes
- Oxford, NE: less expensive homes
- Paddy Hill, NY: higher priced homes
- Pajaro, CA: higher priced homes
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