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These days, finding an affordable place to live in the Park Rapids area can be challenging. Home prices in Park Rapids are now at a median cost of $282,650, lower than the Minnesota average of $345,793.
The average cost of rent is $928/mo in Park Rapids, primarily driven by the current value of real estate in the Park Rapids area. In Park Rapids, 27.58% of households rent, and 41.43% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Park Rapids is $5,706 per month. Households that rent pay about 16.26% of their income on rent here. Park Rapids’s most expensive areas are in the northern regions, while the cheapest areas are in the southwestern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Dorset, MN: higher priced homes
- Hubbard, MN: equally priced homes
- Nevis, MN: higher priced homes
- Osage, MN: equally priced homes
- Midway, MN: less expensive homes
- Menahga, MN: less expensive homes
- Wolf Lake, MN: less expensive homes
- Lake George, MN: higher priced homes
- Akeley, MN: less expensive homes
- Ponsford, MN: less expensive homes
Cities with Similar Populations
- Somerset, TX: less expensive homes
- Hooper, UT: higher priced homes
- Houghton, MI: less expensive homes
- Howard City, MI: less expensive homes
- Hudson, NC: less expensive homes
- Huntingburg, IN: less expensive homes
- Huntington, VA: higher priced homes
- Imlay City, MI: less expensive homes
- Socorro, NM: less expensive homes
- Somerdale, NJ: equally priced homes
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