Housing costs in Melrose Park?
A typical home costs
$270,100, which is 20.1% less expensive than the national average of
$338,100 and 11.8% more expensive than the average Illinois home, at
$241,700. Renting a two-bedroom unit in Melrose Park costs
$1,270 per month, which is 11.2% cheaper than the national average of
$1,430 and close to the state average of
$1,260.
Can I afford Melrose Park?
To live comfortably in Melrose Park, Illinois, a minimum annual income of
$51,840 for a family, and
$44,400 for a single person is recommended.
What does A.I. say about Melrose Park?
The cost of living in Melrose Park, IL is slightly higher than the national average. The median home value is $164,719, which is 7.8% higher than the US median home value of $152,400. The median household income in Melrose Park is $41,554 which is 8.4% lower than the US average of $45,322. Additionally, the cost of living index for Melrose Park is 103.3 which is 3.3% higher than the US average of 100. Despite being higher than the national average, housing costs in Melrose Park are still relatively affordable and provide a great opportunity for people looking to live near Chicago without having to pay high city prices.