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New Report Fall 2026 Housing Affordability Report: every state is less affordable than in late August as average 30-year mortgage rates passed 7%. Read the report

Melrose Park, IL Housing Affordability Index

Melrose Park, Illinois has an MBR Housing Affordability Index score of 85.0 (Moderately Less Affordable) as of October 30, 2026, ranking 1229th most affordable of 1,249 scored Illinois cities, compared with 102.2 statewide and 97.4 nationally. On a median-priced $275,800 home with 20% down, the Illinois average 30-year fixed rate of 7.31% means a monthly principal and interest payment of about $1,515, or 27% of the city’s $66,189 median household income.

The MBR Housing Affordability Index (MBR-HAI) for Melrose Park is updated every night from live Illinois mortgage rates and U.S. Census Bureau income, home value and housing cost data for the city. A score of 100 equals the national average; higher scores mean homeownership is more affordable.

Melrose Park MBR-HAI 85.0 Moderately Less Affordable
Rank in Illinois 1,229 of 1,249 1 = most affordable
Illinois 102.2 Statewide score
National 97.4 100 = baseline
Avg 30-yr rate 7.31% Illinois lenders
Median home value $275,800 U.S. Census Bureau

Melrose Park is 17.2 points below the Illinois score. Scores as of October 30, 2026. See the Illinois index

View Melrose Park Mortgage Rates

What It Takes to Buy in Melrose Park

$1,515/mo
Principal & Interest
Median home, 20% down, 7.31%
$64,900
Income Needed
To keep the payment at 28% of income
$66,189
Median Household Income
Illinois: $83,390
4.2x
Price-to-Income Ratio
Illinois: 3.2x
$1,335/mo
Median Owner Costs
Mortgage, taxes, insurance, utilities
$5,936/yr
Median Property Tax
2.15% of median value
36.4%
Owner Cost Burden
Owners spending 30%+ of income on housing
41.4%
Renter Cost Burden
Renters spending 30%+ of income on rent

Source: U.S. Census Bureau American Community Survey 5-Year Estimates (2024) for Melrose Park, Illinois. The rate is the Illinois average 30-year fixed rate from MonitorBankRates, since lenders publish rates by state.

Cite the Melrose Park Score

“MonitorBankRates (MBR) Housing Affordability Index, MonitorBankRates.com, October 30, 2026. Melrose Park, Illinois score: 85.0 (Moderately Less Affordable), ranked 1,229 of 1,249 Illinois cities. monitorbankrates.com/housing-affordability-index/illinois/melrose-park”