States › Illinois › Melrose Park

Is Melrose Park, IL expensive to live in?

OKRent takes 22 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,33324% lower than U.S. average
💵 Families earn per year (2026)$71,385about $5,949/month · 18% lower than U.S. average
🔑 House price$275,80017% lower than U.S. average

Rent is lower than in 67% of U.S. cities. A typical house costs about 3.9 years of household income.

How much money do I need?

To rent here comfortably, you should earn about $53,320 a year. That is $26 an hour at a full-time job.

Is rent cheaper than other Illinois cities?

Yes. Rent here is cheaper than in most of Illinois. It is number 128 of 334 cities from cheapest to most expensive.

Melrose Park
$1,333
Homer Glen
$1,991
Zion
$1,366
Morton Grove
$2,393
Belvidere
$1,212
South Elgin
$1,664
Collinsville
$877

How much do households earn in Melrose Park?

Under $25k
11.8%
$25k–50k
28.8%
$50k–100k
35.4%
$100k–150k
14.5%
$150k+
7.2%

Share of households by yearly income. 21.6% of households earn $100,000 or more.

Rent by apartment size in Melrose Park

SizeMelrose ParkU.S. average
Studio$999$1,338
1 bedroom$1,125$1,324
2 bedrooms$1,324$1,509
3 bedrooms$1,674$1,698
4 bedrooms$1,860$2,098

Median monthly rent plus utilities for all renters, by number of bedrooms.

How expensive is Melrose Park overall?

Everyday prices in Illinois overall are same as the U.S. average (index 100.0, U.S. = 100).

Housing
94
Goods (food, clothes…)
104
Utilities
85
Other services
100
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Melrose Park, so the Illinois figure is shown.

Taxes and bills in Melrose Park

🏛️ Property tax$5,717a year · 2.07% of home value · U.S. $3,119
⚡ Electric bill$99a month (typical) · U.S. $156

Life in Melrose Park

Commute to work27.1 minU.S.: 26.4 min
College degree15%U.S.: 35.7%
Own their home56.7%U.S.: 65.2%
Below poverty line12.3%U.S.: 12.5%
Unemployment5.7%U.S.: 5.2%

Is it cheaper to rent or buy in Melrose Park?

Renting is cheaper right now: about $581 a month less.

Renting
$1,333
Owning
$1,914

Owning assumes a typical $275,800 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $27,580 for the down payment.

Frequently asked questions

What is the average rent in Melrose Park, IL?

Renting in Melrose Park costs a median of about $1,333 a month in 2026, including utilities. The Illinois median is $1,517.

How much do I need to make to live in Melrose Park?

To keep rent under 30% of income, you need about $53,320 a year, or $26 an hour at a full-time job.

Is Melrose Park cheap or expensive?

Melrose Park is rated OK: rent takes 22.4% of the typical household income of $71,385. It ranks 128th cheapest of 334 Illinois cities we track.

How much are property taxes in Melrose Park?

The median homeowner in Melrose Park pays $5,717 a year in property taxes, about 2.07% of the median home value.

Is Melrose Park more expensive than the national average?

Overall prices in Illinois are same as the U.S. average, according to the U.S. Bureau of Economic Analysis.

How much does a house cost in Melrose Park?

The median home value in Melrose Park is $275,800, about 3.9 times the typical yearly household income.

24,549 people live in Melrose Park. Numbers are typical (middle) values.