| Index | Melbourne | Florida | National |
| Cost of living | 105 | 102 | 100 |
| Groceries | 105 | 102 | 100 |
| Health care | 106 | 104 | 100 |
| Housing | 105 | 97 | 100 |
| Transportation | 103 | 103 | 100 |
| Utilities | 114 | 110 | 100 |
| Lifestyle & Entertainment | 105 | 104 | 100 |
| Household Items | 105 | 102 | 100 |
| Education & Childcare | 101 | 106 | 100 |
Getting a feel for the cost of living in Melbourne is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Melbourne is 105, which is 5% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.
Everyday expenditures like food, housing, lifestyle expenses, 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? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Melbourne, for instance, where the median home price falls 0.8% higher than the national average, and monthly rent rates are 13.8% higher than usual. Additionally, median income levels contribute to the equation, with Melbourne flaunting a median household income of $77,998, 4.1% lower than the national norm.
Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Melbourne, the transportation index is 2.5% higher than the national average.
Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Melbourne, the utilities index is 14.4% higher than the national average.
Healthcare: The costs associated with healthcare and insurance premiums can exhibit notable disparities based on the city or state of residence. Access to healthcare facilities, out-of-pocket expenses for medical appointments, dental care charges, prescription medication costs and specialized medical care expenses all contribute to variations in the cost of living. In Melbourne, healthcare costs are 6.4% higher than the national average.
The Melbourne cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $95,841 | $7,987 | $2,236 | $2,876 |
| Renters | $56,742 | $4,729 | $1,324 | $1,702 |
| State | General Sales Tax | With Max Surtax |
| Florida | 6% | 7.5% |
| State | Income Tax (Low) | Income Tax (High) |
| Florida | 0% | 0% |
| City | Population | Cost of Living Index | National Avg. |
| Palm Bay, FL | 116,937 | 105 | 5.3% |
| Palm Shores, FL | 1,662 | 110 | 10.1% |
| June Park, FL | 5,056 | 112 | 12.1% |
| West Melbourne, FL | 24,188 | 114 | 14.0% |
| Melbourne Village, FL | 843 | 116 | 16.1% |
| Melbourne, FL | 85,242 | 105 | 5.2% |
| City | Population | Cost of Living Index | National Avg. |
| Longview, TX | 85,215 | 94 | 6.1% |
| Fort Myers, FL | 85,270 | 112 | 12.0% |
| Sioux City, IA | 85,304 | 89 | 10.9% |
| Chino Hills, CA | 85,412 | 177 | 76.9% |
| Goodyear, AZ | 85,486 | 121 | 21.2% |
| Melbourne, FL | 85,242 | 105 | 5.2% |
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