The typical owner-occupied home in Terrace Park is worth about $606,600, 2.8 times the Ohio median of $214,800 and 82% above the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 1.65% of their home's value, higher than the Ohio rate of 1.31%. The median household earns $197,750 a year, so the median home costs 3.1 times the median income (3.0 times for Ohio). 97% of occupied homes here are lived in by their owners, and 77% of those owners still have a mortgage.
Terrace Park at a glance
| Terrace Park | Ohio | U.S. | |
|---|---|---|---|
| Median home value | $606,600 | $214,800 | $332,700 |
| Median property tax paid per year | $10,001 | $2,822 | $3,119 |
| Property tax as a share of value | 1.65% | 1.31% | 0.94% |
| Median household income | $197,750 | $71,389 | $80,734 |
| Homes lived in by their owners | 97% | 67% | 65% |
| Owner homes with a mortgage | 77% | 61% | 61% |
| Median monthly costs, owners with a mortgage | $3,685 | $1,517 | $1,963 |
| Those costs as a share of the owners' income | 19.7% | 18.6% | 21.0% |
| Median rent | $3,200 | $1,034 | $1,413 |
| Rent as a share of renters' income | 9.0% | 28.3% | 30.6% |
| Median year homes were built | 1954 | 1970 | 1980 |
| Vacant homes | 3.1% | 8.1% | 10.1% |
| Population | 2,295 | 11,810,293 | 334,922,499 |
What a typical home costs per month in Terrace Park
At this week's average 30-year rate of 7.11%, buying the median Terrace Park home of $606,600 with 20% down costs about $4,351 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $5,362, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $186,486 for the 20%-down payment. That payment is 26% of the median Terrace Park household income of $197,750; at that income and 20% down, the 28% guideline points to a home of about $643,000.
The median rent here is $3,200 a month, so owning the median home costs about $1,151 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $121,320 |
|---|---|
| Loan amount | $485,280 |
| Principal and interest | $3,265 |
| Property taxes (1.65% a year) | $834 |
| Homeowners insurance (our estimate, 0.5% a year) | $253 |
| PMI | $0 |
| Total per month | $4,351 |
Change the numbers in the calculator
| Down payment | $21,231 |
|---|---|
| Loan amount | $595,613 |
| Principal and interest | $4,007 |
| Property taxes (1.65% a year) | $834 |
| Homeowners insurance (our estimate, 0.5% a year) | $253 |
| FHA mortgage insurance | $268 |
| Total per month | $5,362 |
Change the numbers in the calculator
Questions about home buying in Terrace Park
What is the median home value in Terrace Park?
About $606,600 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Terrace Park?
Homeowners pay a median $10,001 a year, which is about 1.65% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Terrace Park?
For the median home with 20% down at 7.11%, the payment is about $4,351 a month. Keeping that under 28% of gross income takes about $186,486 a year.
More about Terrace Park
- Mortgage Refinance in Terrace Park
- Debt Relief in Terrace Park
- Home Equity Loans in Terrace Park
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data