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These days, finding an affordable place to live in the Tonka Bay area can be challenging. Home prices in Tonka Bay are now at a median cost of $862,291, higher than the Minnesota average of $345,793.
The average cost of rent is $2,199/mo in Tonka Bay, primarily driven by the current value of real estate in the Tonka Bay area. In Tonka Bay, 17.88% of households rent, and 40.49% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Tonka Bay is $12,830 per month. Households that rent pay about 17.14% of their income on rent here. Tonka Bay’s most expensive areas are in the northwestern regions, while the cheapest areas are in the southern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Excelsior, MN: less expensive homes
- Shorewood, MN: less expensive homes
- Minnetonka Beach, MN: higher priced homes
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- Spring Park, MN: less expensive homes
- Deephaven, MN: higher priced homes
- Mound, MN: less expensive homes
- Orono, MN: higher priced homes
- Chanhassen, MN: less expensive homes
- Woodland, MN: higher priced homes
Cities with Similar Populations
- Brokaw, WI: less expensive homes
- Tekonsha, MI: less expensive homes
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- Clear Lake, SD: less expensive homes
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- Blue Lake, CA: less expensive homes
- Blackduck, MN: less expensive homes
- Big Rock, IL: less expensive homes
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