The typical owner-occupied home in Melrose is worth about $122,200, 43% below the Ohio median of $214,800 and 63% below the national median of $332,700. Owners pay a median $1,092 a year in property taxes, about 0.89% of their home's value, lower than the Ohio rate of 1.31%. The median household earns $93,269 a year, so the median home costs 1.3 times the median income (3.0 times for Ohio). 90% of occupied homes here are lived in by their owners, and 29% of those owners still have a mortgage.
Melrose at a glance
| Melrose | Ohio | U.S. | |
|---|---|---|---|
| Median home value | $122,200 | $214,800 | $332,700 |
| Median property tax paid per year | $1,092 | $2,822 | $3,119 |
| Property tax as a share of value | 0.89% | 1.31% | 0.94% |
| Median household income | $93,269 | $71,389 | $80,734 |
| Homes lived in by their owners | 90% | 67% | 65% |
| Owner homes with a mortgage | 29% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $961 | $1,517 | $1,963 |
| Those costs as a share of the owners' income | 12.0% | 18.6% | 21.0% |
| Median rent | – | $1,034 | $1,413 |
| Rent as a share of renters' income | 9.0% | 28.3% | 30.6% |
| Median year homes were built | 1973 | 1970 | 1980 |
| Vacant homes | 12.3% | 8.1% | 10.1% |
| Population | 404 | 11,810,293 | 334,922,499 |
What a typical home costs per month in Melrose
At this week's average 30-year rate of 7.11%, buying the median Melrose home of $122,200 with 20% down costs about $799 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,003, 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 $34,251 for the 20%-down payment. That payment is 10% of the median Melrose household income of $93,269; at that income and 20% down, the 28% guideline points to a home of about $333,000.
| Down payment | $24,440 |
|---|---|
| Loan amount | $97,760 |
| Principal and interest | $658 |
| Property taxes (0.89% a year) | $91 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| PMI | $0 |
| Total per month | $799 |
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| Down payment | $4,277 |
|---|---|
| Loan amount | $119,987 |
| Principal and interest | $807 |
| Property taxes (0.89% a year) | $91 |
| Homeowners insurance (our estimate, 0.5% a year) | $51 |
| FHA mortgage insurance | $54 |
| Total per month | $1,003 |
Change the numbers in the calculator
Questions about home buying in Melrose
What is the median home value in Melrose?
About $122,200 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Melrose?
Homeowners pay a median $1,092 a year, which is about 0.89% 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 Melrose?
For the median home with 20% down at 7.11%, the payment is about $799 a month. Keeping that under 28% of gross income takes about $34,251 a year.
More about Melrose
- Mortgage Refinance in Melrose
- Debt Relief in Melrose
- Home Equity Loans in Melrose
- 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