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Affordable
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These days, finding an affordable place to live in the Terrace area can be challenging. Home prices in Terrace are now at a median cost of $344,965, lower than the Minnesota average of $345,793.
The average cost of rent is $1,356/mo in Terrace, primarily driven by the current value of real estate in the Terrace area. In Terrace, 4.56% of households rent, and 44.28% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Terrace is $7,473 per month. Households that rent pay about 18.15% of their income on rent here. Terrace’s most expensive areas are in the central regions, while the cheapest areas are in the northeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Sedan, MN: less expensive homes
- Swift Falls, MN: less expensive homes
- Brooten, MN: less expensive homes
- Glenwood, MN: less expensive homes
- Sunburg, MN: less expensive homes
- Grove Lake, MN: less expensive homes
- Starbuck, MN: less expensive homes
- Long Beach, MN: equally priced homes
- Villard, MN: less expensive homes
- Belgrade, MN: less expensive homes
Cities with Similar Populations
- Emery, UT: less expensive homes
- Valley City, MO: less expensive homes
- Utica, WI: higher priced homes
- Upper Meyersville, TX: less expensive homes
- Union, GA: less expensive homes
- Tyler, OK: less expensive homes
- Turkey Creek, AR: less expensive homes
- Tunnelhill, PA: less expensive homes
- Evansville, AL: less expensive homes
- Valley Hill, MS: less expensive homes
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