Cost of Living in Melrose park, IL
Housing
The housing market plays a significant role in determining the cost of living in Melrose park, IL.
- Housing Index: 110.0 / 100
- Median Home Price is: $275,000
- Average Rent (2 BR Apartment): $1600 per month
- Average Rent (2 BR House): $1640 per month
Consider moving to Melrose park, IL if you're looking for a balanced housing market. With a housing index of 110.0, the market is slightly above average, indicating the demand is robust. The median home price of 275000 could be appealing for first-time buyers, while the average rent for a 2-bedroom apartment at 1600 and house at 1640 offers flexibility for renters. Keep in mind that investing in a home could provide long-term financial benefits, particularly in a city with such steady demand. Investing in real estate long-term will also yield positive appreciation.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Melrose park, IL.
- Electricity Price: $16.15 USD (median by state)
- Natural Gas Price: $16.59 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Melrose park, IL could entail higher utility costs. Electricity costs sit at $16.15, while natural gas is priced at $16.59 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Melrose park is a financially viable option for your relocation.