Terra Nova 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 Terra Nova is about $2,455 per month. This puts it in the 79th percentile compared to the city average cost of rent, which is $1,968. Households in Terra Nova have a median income of $8,229 per month so the average renter in Terra Nova is spending roughly 30% of their earnings on housing.
Nationally, and in Terra Nova, home values are the data point most closely correlated with the cost of rent. The median price of a home in Terra Nova is $583,856 right now, which is higher than nearby neighborhoods, meaning that rents in Terra Nova also tend to be higher versus these nearby neighborhoods.
Higher rent prices are common in the southern parts of Terra Nova while lower rent rates are often available in eastern areas.
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