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These days, finding an affordable place to live in the Melrose Park area can be challenging. Home prices in Melrose Park are now at a median cost of $266,571, lower than the Illinois average of $300,242.
The average cost of rent is $1,246/mo in Melrose Park, primarily driven by the current value of real estate in the Melrose Park area. In Melrose Park, 36.82% of households rent, and 41.75% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Melrose Park is $6,566 per month. Households that rent pay about 18.97% of their income on rent here. Melrose Park’s most expensive areas are in the eastern regions, while the cheapest areas are in the western parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Stone Park, IL: equally priced homes
- Northlake, IL: equally priced homes
- Bellwood, IL: less expensive homes
- Franklin Park, IL: higher priced homes
- River Grove, IL: equally priced homes
- Maywood, IL: less expensive homes
- Berkeley, IL: equally priced homes
- River Forest, IL: higher priced homes
- Hillside, IL: equally priced homes
- Elmwood Park, IL: higher priced homes
Cities with Similar Populations
- University City, MO: higher priced homes
- Eagle, ID: higher priced homes
- Eastpointe, MI: less expensive homes
- Fair Oaks, VA: higher priced homes
- Independence, KY: equally priced homes
- Lawndale, CA: higher priced homes
- Lockport, IL: higher priced homes
- Stevens Point, WI: less expensive homes
- Sulphur, LA: less expensive homes
- Sun Valley, CA: higher priced homes
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