$2,650 Per Month
- 2 Beds
- 1 Bath
- 850 Sq Ft
- Apartment for Rent
1117 Main St Unit 1, Melrose, MA 02176
1117 Main St Unit 1, Melrose, MA 02176
Frequently Asked Questions
How much does it cost to rent a home in Melrose, MA?
The median rent for a home in Melrose, MA is $2,400 per month, though prices vary by neighborhood, size, and property type. As of May 2026, condos tend to be the most affordable option while townhouses and single-family homes are currently more expensive.
How much do you need to make to afford rent in Melrose, MA?
To comfortably afford the median rent in Melrose, MA, a household needs to earn roughly $96,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $2,400 per month in Melrose, MA, renters typically need to show $7,200 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Melrose, MA?
In Melrose, MA, the price-to-rent ratio is 31.2, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Melrose, MA are best for renting a home?
The best neighborhood for renting in Melrose, MA depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include Melrose East Side, Oak Grove-Pine Banks, Downtown Melrose, Horace Mann and Wyoming, each with its own character and price range.
