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Affordable
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These days, finding an affordable place to live in the Summit area can be challenging. Home prices in Summit are now at a median cost of $280,500, lower than the Minnesota average of $345,793.
The average cost of rent is $738/mo in Summit, primarily driven by the current value of real estate in the Summit area. In Summit, 12.08% of households rent, and 47.64% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Summit is $8,688 per month. Households that rent pay about 8.49% of their income on rent here. Summit’s most expensive areas are in the central regions, while the cheapest areas are in the central parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Litomysl, MN: higher priced homes
- Blooming Prairie, MN: less expensive homes
- Ellendale, MN: less expensive homes
- Geneva, MN: less expensive homes
- Steele Center, MN: equally priced homes
- Hope, MN: equally priced homes
- Pratt, MN: higher priced homes
- Maple Island, MN: less expensive homes
- Hollandale, MN: less expensive homes
- Corning, MN: less expensive homes
Cities with Similar Populations
- Shadow Lawn, IL: less expensive homes
- Jack, MS: less expensive homes
- Jacksonport, WI: higher priced homes
- Jacksonville, NY: higher priced homes
- Jacksville, PA: less expensive homes
- Jarrett, MN: higher priced homes
- Jeddo, TX: higher priced homes
- Jefferson, IN: less expensive homes
- Seneca, MI: less expensive homes
- Seven Stars, PA: less expensive homes
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