Terrace Park, OH vs Gates Mills, OH: Cost of Living

Which city costs less?

Gates Mills, OH has a modeled overall cost index 8.4% lower than Terrace Park, OH.

Terrace Park, OH · modeled 2BR rent
$2,030 / month
Gates Mills, OH · modeled 2BR rent
$1,920 / month

These are saved estimates, not current rental listings. Some cities use adjusted regional data. Your household budget can differ from the overall index. Sources and assumptions

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Cost of Living Comparison 2026

Compare Terrace Park, OH and Gates Mills, OH using saved regional data and explicit budgeting assumptions. Rent estimates are not live listings. Change the salary below, then check the source notes before applying a result to your household.

Saved regional estimates · Sources and assumptions

$
Numbers update automatically as you type

Estimated savings: $327/month in Gates Mills, OH

$150,000 in your current city has a modeled equivalent of $146,071 in Gates Mills, OH

Regional cost estimates: Terrace Park, OH uses Cincinnati, OH. Gates Mills, OH uses Cleveland, OH. Available city ZIP rent estimates are shown separately.
Overall Cost
↓ 8.4%
Less expensive
Monthly Impact
$327
Savings
Annual Impact
$3.9K
Per year

Assumes 60% of current gross income goes to living costs. The headline uses the category budget below; taxes, moving costs and savings goals are excluded.

Terrace Park, OH

Population:2K
Cost Index:
79.5
100 = national average
Typical Home:$727K

Gates Mills, OH

Population:2K
Cost Index:
72.8
100 = national average
Typical Home:$679K

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Terrace Park, OH

The Buckeye State

2K
Population
State Tax
Yes

Located in Ohio, this city has a population of 2K residents.

Gates Mills, OH

The Buckeye State

2K
Population
State Tax
Yes

Located in Ohio, this city has a population of 2K residents.

Cost Breakdown by Category

Estimated monthly spending: Terrace Park, OH vs Gates Mills, OH

Assumes 60% of your current gross income is spent on these categories. The headline and totals use this same budget. Rent estimates below are separate reference data. Rounded amounts may differ by $1.

Housing
↓ 20.5%
Terrace Park, OH
$2,078
Gates Mills, OH
$1,652
Difference
$426
less
Transportation
↑ 11.7%
Terrace Park, OH
$1,350
Gates Mills, OH
$1,507
Difference
$157
more
Other
↓ 3.7%
Terrace Park, OH
$1,785
Gates Mills, OH
$1,718
Difference
$66.60
less
Groceries
↑ 5.1%
Terrace Park, OH
$1,080
Gates Mills, OH
$1,135
Difference
$55.11
more
Healthcare
↓ 6.9%
Terrace Park, OH
$662
Gates Mills, OH
$617
Difference
$45.61
less
All Utilities
↓ 0.3%
Terrace Park, OH
$546
Gates Mills, OH
$544
Difference
$1.71
less

🏠Rent Comparison

Studio
From$1,440
To$1,400
↓ $40.00
1 Bed
From$1,580
To$1,590
↑ $10.00
2 Bed
From$2,030
To$1,920
↓ $110
3 Bed
From$2,680
To$2,470
↓ $210
Terrace Park, OHZIP-level data

1BR range: $1,580–$1,580/mo

Gates Mills, OHZIP-level data

1BR range: $1,590–$1,590/mo

💡 Note: HUD Fair Market Rents estimate 40th-percentile gross rents, including most tenant-paid utilities. City ZIP summaries are medians of those estimates, not market median rents. Actual prices vary by neighborhood, amenities, and condition. Source: HUD Small Area Fair Market Rents FY2026.

$7,500
Monthly in Terrace Park, OH
$7,173
Monthly in Gates Mills, OH
$327
Difference

Home Values

Terrace Park
Gates Mills
$727K
Median Value
$679K
↑ +4.4%
YoY Change
↑ +5.7%
↑ +38.6%
5-Year Change
↑ +39.2%

Homes in Gates Mills are 7% less expensive than Terrace Park

Calculate payment - Terrace ParkCalculate payment - Gates Mills

Source: Zillow Home Value Index (ZHVI), January 2026

Tax Comparison

Annual tax burden comparison at $150.0K salary

Tax Savings
→ $0
Same taxes
Monthly Difference
$0
Same take-home
Effective Rate Diff
0.0%
Rate difference

Terrace Park, OH

Federal Income Tax
Effective: 18.9%
$25.5K
Ohio State Tax
Effective: 3.0%
$4.4K
FICA Taxes
Social Security + Medicare
$11.5K
Total Taxes
Effective: 27.6%
$41.4K
Take-Home Pay
$9,047/month
$108.6K

Gates Mills, OH

Federal Income Tax
Effective: 18.9%
$25.5K
Ohio State Tax
Effective: 3.0%
$4.4K
FICA Taxes
Social Security + Medicare
$11.5K
Total Taxes
Effective: 27.6%
$41.4K
Take-Home Pay
$9,047/month
$108.6K

Additional Tax Information

Terrace Park, OH Tax Rates

Sales Tax:7.2%
Property Tax:1.6%

Gates Mills, OH Tax Rates

Sales Tax:7.2%
Property Tax:1.6%

💡 Note: Tax calculations are estimates based on 2024/2025 tax brackets for single filers with standard deduction. Actual taxes may vary based on filing status, deductions, credits, and local variations.

Environment

Terrace Park
Gates Mills
52 Moderate
Air Quality
54 Moderate
44.8%
Good Air Days
37.2%
96 High
Climate Risk
98 High
🌊🌡🌪
Top Hazards
🌊🌡🌪
▲+3.1°F
2050 Outlook
▲+3.3°F
29 days
Heat Days >95°F
11 days
▲+3.1°F
2050 Outlook
▲+3.3°F
29 days
Heat Days >95°F
11 days

Before moving from Terrace Park, OH to Gates Mills, OH

Use this comparison to shortlist a move, then check the costs that depend on your household.

  1. Compare actual homes. Get current quotes in Gates Mills, OH for the same bedroom count and included utilities as your home in Terrace Park, OH. Add parking, deposits, insurance and any overlapping leases. The rent estimates above are a starting point, not available listings.
  2. Confirm your income. Check your expected pay with your employer, including any location adjustment. Use “Different salary at destination?” above to compare two incomes. The budget model excludes taxes and one-time moving costs; it is not a take-home-pay calculation.
  3. Price your daily routine. Check the commute from a specific address to work, school or childcare. Add household expenses missing from this model, such as childcare, debt payments and medical needs. Verify local services before signing a lease.
  4. Plan the transition. Get moving quotes and budget for travel, setup costs and time off. Open your Terrace Park to Gates Mills moving checklist to organize the tasks and timing.

Still choosing a destination? Explore cities similar to Gates Mills, OH by cost, housing, population and region.

Frequently Asked Questions: Terrace Park, OH vs Gates Mills, OH

How do the cost estimates for Terrace Park, OH and Gates Mills, OH compare?

Gates Mills, OH has a modeled overall cost index 8.4% lower than Terrace Park, OH. This is a broad model comparison, not a survey of today's prices or a forecast of your household spending. Some cities use adjusted regional fallback data.

What does the equivalent salary mean?

At a $150,000 salary in Terrace Park, OH, the model estimates $146,071 in Gates Mills, OH. It allocates 60% of gross income to the origin city’s category budget and applies each destination category’s relative cost. The equivalent salary adds the total category difference to your income. The monthly difference is the same category difference divided by 12; it is not take-home pay or guaranteed savings. Household size, childcare and your actual lease are not inputs to this calculation.

What rent estimates are available for Terrace Park, OH and Gates Mills, OH?

The modeled two-bedroom rents are $2,030/month in Terrace Park, OH and $1,920/month in Gates Mills, OH. Where available, the source is a city median of HUD FY2026 ZIP-level estimates; otherwise a saved metro table is used. City adjustments may also apply. These are not asking rents or available listings. Compare actual properties with the same bedroom count and included utilities.

How should I use this comparison before moving?

Use it to shortlist locations, then replace modeled costs with a current housing quote, employer-confirmed income, commute costs, insurance and your household's other expenses. Add one-time moving costs separately. Source years differ and the saved datasets are not a live price feed. Read the methodology for the formulas and fallback rules.

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