Melbourne, IA
Population 714 · Iowa
About Melbourne, IA
Melbourne is a small community located in Iowa with a population of 714 residents according to the latest US Census Bureau American Community Survey data. The median household income is $82,857 per year, which is 10% above the national median of $75,149. The median age of 39.3 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Melbourne features a median home value of $147,400, which is 40% below the national median of $244,900. This positions Melbourne in a moderately priced market relative to the rest of the country. Median monthly rent is $722, 38% below the national average of $1,163/month. Of the 312 total housing units, 75% are owner-occupied (229 units) and 25% are renter-occupied (77 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Melbourne shows an unemployment rate of 4.5%, which is near the national rate of 3.7%. The poverty rate stands at 4.8%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Melbourne have an average one-way commute time of 27.4 minutes.
Education & Demographics
19.4% of Melbourne residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 0.7% White, 0.6% Hispanic or Latino, 0.0% Black or African American, and 0.3% Asian residents, with 0.4% of the population being foreign-born.
Cost of Living in Melbourne, IA
Compared to national averages, Melbourne has a median household income of $82,857 (10% above the national median of $75,149). Home values average $147,400, which is 40% below the national median. Monthly rent at $722 is 38% below the US average of $1,163. Within Iowa, Melbourne's income is 22% above the state average of $67,947, and home values are 11% above the state median of $132,237.
Why Live in Melbourne, IA?
Melbourne offers a strong local economy with a median household income of $82,857, well above the national average, and affordable housing with a median home value of $147,400, below the US average of $244,900, and rent that’s lower than the national average at $722/month. Additionally, the city features a low poverty rate of 4.8%, better than the national average.
Melbourne has a population of 714 with a median age of 39.3 years. Compare Melbourne with other cities to see how it stacks up, or explore all cities in Iowa.
Similar Cities Near Melbourne
Cities in Iowa with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Wellsburg | 710 | $63,125 | $110,800 | Compare |
| Armstrong | 709 | $52,279 | $86,400 | Compare |
| Ventura | 708 | $83,125 | $344,800 | Compare |
| Long Grove | 707 | $124,297 | $295,900 | Compare |
| Ainsworth | 723 | $67,115 | $110,300 | Compare |
| University Park | 704 | $65,815 | $92,700 | Compare |
| Boyden | 702 | $81,354 | $175,300 | Compare |
| Hazleton | 698 | $53,542 | $80,100 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Iowa
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Melbourne With Other Cities
Frequently Asked Questions about Melbourne
What is the population of Melbourne, IA?
The population of Melbourne, IA is 714 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Iowa.
What is the median household income in Melbourne?
The median household income in Melbourne, IA is $82,857 per year, which is 10% above the national median of $75,149.
What is the median home value in Melbourne?
The median home value in Melbourne, IA is $147,400, which is 40% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Melbourne?
The median monthly rent in Melbourne, IA is $722, which is 38% below the national average of $1,163/month.
What is the unemployment rate in Melbourne?
The unemployment rate in Melbourne, IA is 4.5%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Melbourne, IA a good place to live?
Melbourne offers above-average incomes, affordable housing, and growing employment opportunities. With a population of 714 and a median age of 39.3, the city appeals to a broad range of residents.
How educated is Melbourne, IA?
19.4% of residents in Melbourne aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Melbourne?
Key cost-of-living indicators for Melbourne, IA: median home value is $147,400 (40% below national), median rent is $722/month, and median household income is $82,857. The home-value-to-income ratio is 1.8x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Melbourne?
The poverty rate in Melbourne, IA is 4.8%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Melbourne, IA?
Melbourne's population is 0.7% White, 0.6% Hispanic or Latino, 0.0% Black or African American, 0.3% Asian, and 0.0% two or more races. 0.4% of residents are foreign-born.