The typical owner-occupied home in Melville is worth about $71,700, 67% below the Louisiana median of $216,500 and 78% below the national median of $332,700. Owners pay a median $543 a year in property taxes, about 0.76% of their home's value, higher than the Louisiana rate of 0.55%. The median household earns $35,500 a year, so the median home costs 2.0 times the median income (3.6 times for Louisiana). 61% of occupied homes here are lived in by their owners, and 5% of those owners still have a mortgage.
Melville at a glance
| Melville | Louisiana | U.S. | |
|---|---|---|---|
| Median home value | $71,700 | $216,500 | $332,700 |
| Median property tax paid per year | $543 | $1,180 | $3,119 |
| Property tax as a share of value | 0.76% | 0.55% | 0.94% |
| Median household income | $35,500 | $60,756 | $80,734 |
| Homes lived in by their owners | 61% | 67% | 65% |
| Owner homes with a mortgage | 5% | 52% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,604 | $1,963 |
| Median rent | – | $1,064 | $1,413 |
| Rent as a share of renters' income | 33.5% | 32.8% | 30.6% |
| Median year homes were built | 1974 | 1983 | 1980 |
| Vacant homes | 34.8% | 14.4% | 10.1% |
| Population | 589 | 4,611,961 | 334,922,499 |
What a typical home costs per month in Melville
At this week's average 30-year rate of 7.11%, buying the median Melville home of $71,700 with 20% down costs about $461 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $581, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $19,764 for the 20%-down payment. That payment is 16% of the median Melville household income of $35,500; at that income and 20% down, the 28% guideline points to a home of about $129,000.
| Down payment | $14,340 |
|---|---|
| Loan amount | $57,360 |
| Principal and interest | $386 |
| Property taxes (0.76% a year) | $45 |
| Homeowners insurance (our estimate, 0.5% a year) | $30 |
| PMI | $0 |
| Total per month | $461 |
Change the numbers in the calculator
| Down payment | $2,510 |
|---|---|
| Loan amount | $70,401 |
| Principal and interest | $474 |
| Property taxes (0.76% a year) | $45 |
| Homeowners insurance (our estimate, 0.5% a year) | $30 |
| FHA mortgage insurance | $32 |
| Total per month | $581 |
Change the numbers in the calculator
Questions about home buying in Melville
What is the median home value in Melville?
About $71,700 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Melville?
Homeowners pay a median $543 a year, which is about 0.76% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Melville?
For the median home with 20% down at 7.11%, the payment is about $461 a month. Keeping that under 28% of gross income takes about $19,764 a year.
More about Melville
- Mortgage Refinance in Melville
- Debt Relief in Melville
- Home Equity Loans in Melville
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data