Lake Terrace and Oaks renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in dark green areas.
On average, the cost of rent in Lake Terrace and Oaks is about $641 per month. This puts it in the 1st percentile compared to the city average cost of rent, which is $1,197. Households in Lake Terrace and Oaks have a median income of $8,984 per month so the average renter in Lake Terrace and Oaks is spending roughly 7% of their earnings on housing.
Nationally, and in Lake Terrace and Oaks, home values are the data point most closely correlated with the cost of rent. The median price of a home in Lake Terrace and Oaks is $430,392 right now, which is higher than nearby neighborhoods, meaning that rents in Lake Terrace and Oaks also tend to be higher versus these nearby neighborhoods.
Higher rent prices are common in the eastern parts of Lake Terrace and Oaks while lower rent rates are often available in northern areas.
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