Melbourne, IA vs Prescott, IA

Melbourne, IA and Prescott, IA have a very similar cost of living, with only a 2.1% difference in their overall index. Melbourne scores 66 while Prescott scores 65 on the cost of living index, where 100 represents the national average. The day-to-day expenses for residents in both cities are comparable, though differences emerge when looking at specific categories.

On the housing front, median rent in Melbourne is $722/month compared to $920/month in Prescott — a 22% difference. Interestingly, home values tell a different story: while Melbourne has cheaper rent, Prescott actually has lower median home values ($65,000 vs $147,400).

Median household income in Melbourne is $82,857 compared to $66,750 in Prescott (+24.1%). While Melbourne is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Melbourne spend roughly 10.5% of their income on rent, less than the 16.5% in Prescott.

Climate-wise, Prescott is notably warmer with an average of 51.6°F compared to 47.7°F in Melbourne. Prescott receives more rainfall at 37.4" per year compared to 32.8" in Melbourne.