Melrose Park, IL vs Mount Prospect, IL

There is a significant gap in the cost of living between these two cities. Melrose Park is 15.4% cheaper than Mount Prospect. With a cost index of 94 vs 111, the difference would have a meaningful impact on a household's monthly budget. Someone relocating from Melrose Park to Mount Prospect should plan for substantially higher expenses across most categories.

On the housing front, median rent in Melrose Park is $1,194/month compared to $1,454/month in Mount Prospect — a 18% difference. Home values follow the same pattern: Melrose Park is more affordable at $265,000 median vs $377,000.

Median household income in Melrose Park is $64,740 compared to $103,911 in Mount Prospect (-37.7%). While Mount Prospect is more expensive, its higher salaries more than compensate — residents there may actually end up with more disposable income. Looking at affordability, residents of Melrose Park spend roughly 22.1% of their income on rent, more than the 16.8% in Mount Prospect.

Climate-wise, both cities share similar average temperatures (51.3°F vs 50.8°F). Melrose Park receives more rainfall at 37.9" per year compared to 32.3" in Mount Prospect.