Cost of Living in Melrose Park, PA

With a cost of living index of 119, Melrose Park, PA is a notably expensive place to live. Living here is 19% more expensive than the national average and 36% above the Pennsylvania state average of 83. Melrose Park is a small community of 2,273 residents.

Housing costs are the biggest factor in Melrose Park's cost of living. The median monthly rent is $1,661 (26% above the US median of $1,319), and the median home value sits at $427,400 (40% above the national median of $304,900). At current prices, the median home costs roughly 2.8x the median household income — well within traditional affordability guidelines.

The median household income in Melrose Park is $154,946, which is 106% higher than the national median of $75,149. Residents spend roughly 13% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they more than offset the higher cost of living.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.