Ely, IA vs Melbourne, IA

There is a significant gap in the cost of living between these two cities. Melbourne is 27.7% cheaper than Ely. With a cost index of 66 vs 85, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from Melbourne to Ely should plan for substantially higher expenses across most categories.

On the housing front, median rent in Ely is $1,014/month compared to $722/month in Melbourne — a 40% difference. Home values follow the same pattern: Melbourne is more affordable at $147,400 median vs $275,800.

Median household income in Ely is $102,262 compared to $82,857 in Melbourne (+23.4%). The higher salaries in Ely partially offset the cost difference, but don't fully close the gap. Looking at affordability, residents of Ely spend roughly 11.9% of their income on rent, more than the 10.5% in Melbourne.