A+
0%
Overall NAT. AVG.
7%
Goods & Services NAT. AVG.
5%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Melbourne Florida National
Cost of living10098100
Goods & Services9398100
Groceries9999100
Health care9796100
Housing10596100
Transportation9899100
Utilities10997100

An Overview of Cost of Living in Melbourne, FL

Understanding the cost of living in Melbourne can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Melbourne cost of living index is 100, which is 0% equal to the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

Everyday expenditures like food, housing, goods and services, transportation and health care in Melbourne are priced in a manner consistent with other areas. This means that residents of Melbourne can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Is Melbourne Affordable?

Wondering if Melbourne is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Melbourne, for example, the median home price is 0.7% higher than what folks pay nationally, and monthly rent is 14.5% higher than the usual rates. Plus, income levels matter too, with Melbourne boasting a median household income of $51,934, which is 6.1% lower than the national average.

What Factors can Influence the Cost of Living in Melbourne?

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Melbourne, the transportation index is 2% lower than the national average.

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Melbourne, the housing index is 4.9% higher than the national average.

Where is the Data From?

The Melbourne cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Melbourne is 2% higher than the Florida average
  • The cost of living in Melbourne is equal to the national average
  • Melbourne housing is 5% higher than the national average
  • Florida general sales tax is 18% higher than the national average
  • Florida state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Melbourne

See all the best places to live around Melbourne

Compare Melbourne, FL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$64,022$5,335$1,494$1,921
      Renters$37,634$3,136$878$1,129
      A good way to judge both the affordability of the housing and the cost of living in Melbourne is by simply calculating the maximum that should be spent on housing, otherwise known as the debt-to-income ratio (DTI). The plan is to avoid spending more than 28 percent of the gross income on costs that pertain to housing and no more than 36 percent on all expenses and debts. Melbourne has a median income of about $64,022 for people who own homes. Based on that number, a maximum of $1,494 should be spent on expenses related to housing. Renters have a slightly different median income, which is $37,634. Based on this average, renters should spend no more than $878 on all rental costs if they want to maintain a non-impoverished standard of living.

      Florida Sales Tax

      State General Sales Tax With Max Surtax
      Florida 6% 7.5%

      Florida Income Tax

      State Income Tax (Low) Income Tax (High)
      Florida 0% 0%

      Goods & Services

      Item Melbourne National avg. Difference
      Haircut $21.00$24.2613.4%
      Beauty Salon $56.83$45.5624.7%
      Toothpaste $3.68$3.700.6%
      Shampoo $1.32$1.283.1%
      Movie $13.10$12.137.9%
      Bowling $14.75$18.0018.1%

      Groceries

      Item Melbourne National avg. Difference
      Ground Beef $5.85$5.840.2%
      Fried Chicken $1.45$1.578.0%
      Milk $4.52$4.673.2%
      Potatoes $5.38$4.939.0%
      Pizza $12.62$12.094.4%
      Beer $10.69$10.412.6%

      Health Care

      Item Melbourne National avg. Difference
      Optometrist $78.20$125.6837.8%
      Doctor $139.80$135.783.0%
      Dentist $132.83$113.2917.3%
      Ibuprofen $10.32$10.653.1%
      Lipitor $526.92$468.6012.4%

      Housing

      Item Melbourne National avg. Difference
      Home Price $186,000.00$184,700.000.7%
      Avg. Mortgage Payment $2,007.04$2,346.6914.5%
      Apartment Rent $1,087.00$949.0014.5%

      Transportation

      Item Melbourne National avg. Difference
      Gasoline $3.45$3.460.5%
      Tire Balancing $54.85$59.928.5%

      Utilities

      Item Melbourne National avg. Difference
      All Electricity $144.67$193.9925.4%
      Phone $196.14$192.252.0%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Palm Bay, FL113,751981.7%
      Palm Shores, FL1,6221043.5%
      June Park, FL4,9321066.1%
      West Melbourne, FL23,4541098.5%
      Melbourne Village, FL8221109.5%
      Melbourne, FL82,2811000.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Buena Park, CA82,22816363.0%
      Longview, TX82,183946.1%
      Caledon, ON82,130n/a 
      Medford, OR82,09811413.9%
      Prince George, BC82,094n/a 
      Melbourne, FL82,2811000.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.