Melbourne shares many of the great qualities that make Kentucky a desirable place to live.
Kentucky, known as the "Bluegrass State" and located in the Appalachian foothills, is famous for its horse racing industry, but there's so much more to explore. Immerse yourself in Kentucky's cultural legacy with visits to the Kentucky Derby Museum and the Muhammad Ali Center, or further your education at universities like the University of Kentucky and the University of Louisville. Growing agriculture, manufacturing, and healthcare industries support Kentucky's economy, providing residents with a wide range of job opportunities.
Kentucky has a rich and diverse landscape, ranging from rolling hills to bustling cities, offering something for everyone. Take in the scenic views of the Appalachians, hit the links for a round of golf, or even attend exciting college sports games at renowned local universities. In addition, immerse yourself in famous attractions like Churchill Downs, the Kentucky Horse Park, Mammoth Cave National Park, the Kentucky Bourbon Trail, and the historic city of Lexington.
Kentucky offers a high quality of life, a strong economy, and a beautiful natural environment, making it a great place to live. The state's friendly and welcoming atmosphere will make you feel at home, and its unique blend of urban and rural living creates a unique sense of balance.
As of November 2026, Melbourne's rental market is competitive, with rentals spending about 26 days on the market, faster than in Kentucky (30), and rents up 2.5% over the past year. Melbourne's average rent is 1.6% ($22) higher than the Kentucky average of $1,337 and 33.3% ($677) lower than the U.S. average of $2,036.
| Unit Type | Average Rent | Monthly ChangeMonth Over Month Change | Yearly ChangeYear Over Year Change |
|---|---|---|---|
| 1 Bed | $1,013 | 0.79% ($8) | 5.1% ($49) |
| 2 Beds | $1,336 | 0.05% ($1) | 1.1% ($15) |
| 3 Beds | $1,854 | 0.35% ($6) | 4.7% ($84) |
| Nearby Cities | Average Rent | Avg. Rent vs. MelbourneAverage Rent vs. Melbourne | Days on Market |
|---|---|---|---|
| New Richmond | $1,509 | 11.0% ($150) | 26 days |
| Latonia | $1,409 | 3.7% ($50) | 25 days |
| Amelia | $1,204 | 11.4% ($155) | 26 days |
| Newport | $1,793 | 31.9% ($434) | 24 days |
| Fort Thomas | $1,455 | 7.1% ($96) | 26 days |
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