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Real Estate Prices & Overview

Melrose median real estate price is $864,422, which is more expensive than 94.6% of the neighborhoods in Tennessee and 85.4% of the neighborhoods in the U.S.

The average rental price in Melrose is currently $3,048, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 94.2% of the neighborhoods in Tennessee.

Melrose is an urban neighborhood (based on population density) located in Nashville, Tennessee.

Melrose real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and single-family homes. Most of the residential real estate is owner occupied. Many of the residences in the Melrose neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.

Melrose has a 14.4% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 76.4% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.

Notable & Unique Neighborhood Characteristics

The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.

People

Do you like to read, write, and learn? Are you curious about the world? If so, this neighborhood may be a good fit for you. NeighborhoodScout's research revealed that a full 84.0% of the adults living in the Melrose neighborhood have earned at least a bachelor's degree. This is a higher rate than NeighborhoodScout found in 98.8% of U.S. neighborhoods. In this way, this neighborhood truly stands out.

In addition, one of the really interesting characteristics about the Melrose neighborhood is that, according to NeighborhoodScout's exclusive research, it is an excellent choice in which to reside for college students. Due to its popularity among college students who already choose to live here, its walkability, and its above average safety from crime, the neighborhood is ideal for prospective or already-enrolled college students. Between semesters and during school breaks, you'll notice that the excitement here fluctuates with the college seasons. Despite the excitement however, parents of college-age children can rest easy knowing that this neighborhood has an above average safety rating. For each of these reasons, the neighborhood is rated among the top 4.1% of college-friendly places to live in the state of Tennessee. In addition to being an excellent choice for college students, this neighborhood is also a very good choice for young, single professionals.

Also, one of the most interesting things about the Melrose neighborhood is that it has a greater concentration of residents who live alone than most all neighborhoods in America. With 50.3% of the households here made up of people living alone, NeighborhoodScout's research reveals that this is a larger proportion of people living alone than in 95.8% of the neighborhoods in America.

Occupations

The Melrose neighborhood has a higher proportion of its residents employed as executives, managers and professionals than 98.0% of the neighborhoods in America. In fact, 75.9% of the employed people here make a living as an executive, a manager, or other professional. With such a high concentration, this truly shapes the character of this neighborhood, and to a large degree defines what this neighborhood is about.

Real Estate

If you like the look and ambience of new homes and newly built neighborhoods, you will love the Melrose neighborhood. A whopping 76.4% of the homes and other residential real estate here were built after 1999, which is a higher proportion of new homes then you will find in 96.9% of the neighborhoods in the U.S. Everything here just feels new.

Diversity

Did you know that the Melrose neighborhood has more Swiss and Lebanese ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 3.8% of this neighborhood's residents have Swiss ancestry and 0.9% have Lebanese ancestry.

Migration / Stability

Some neighborhoods have more internal cohesiveness than others. While other neighborhoods feel like a collection of strangers who just happen to live near each other. Sometimes this comes down to not only the personalities of the people in a place, but how long people have been together in that neighborhood. NeighborhoodScout's research has revealed some interesting things about the rootedness of people in the Melrose neighborhood. In the Melrose neighborhood, a greater proportion of the residents living here today did not live here five years ago than is found in 98.4% of U.S. Neighborhoods. This neighborhood, more than almost any other in America, has new residents from other areas.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.

The neighbors in the Melrose neighborhood in Nashville are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 67.9% of the neighborhoods in America. In addition, 0.2% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 80.3% of America's neighborhoods.

What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.

In the Melrose neighborhood, 75.9% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 14.2% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (5.7%), and 4.2% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Melrose neighborhood is English, spoken by 89.6% of households.

Ethnicity / Ancestry

Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.

In the Melrose neighborhood in Nashville, TN, residents most commonly identify their ethnicity or ancestry as German (14.7%). There are also a number of people of English ancestry (12.9%), and residents who report Irish roots (11.3%), and some of the residents are also of Asian ancestry (6.7%), along with some Italian ancestry residents (5.1%), among others. In addition, 10.0% of the residents of this neighborhood were born in another country.

Getting to Work

Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Melrose neighborhood spend between 15 and 30 minutes commuting one-way to work (46.7% of working residents), which is shorter than the time spent commuting to work for most Americans.

Here most residents (72.0%) drive alone in a private automobile to get to work. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.


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