Rent vs Buy Calculator — Minneapolis, MN
Prefilled with Minneapolis estimates: a ~$340,000 home (about $68,000 for 20% down) versus ~$1,600/mo rent. Minnesota's effective property tax of 1.11% — near the U.S. average (~1.1%) — adds roughly $3,774/yr, and typical homeowners insurance runs about $2,400/yr. Adjust every field to your actual home below.
Is it better to rent or buy in Minneapolis?
There's no universal answer — it hinges on how long you'll stay, what you'd earn investing the down payment instead, and Minnesota's tax and insurance costs. Property tax is the biggest local lever: at 1.11% on a $340,000 home that's about $3,774 every year, before insurance and maintenance. Use the break-even readout above to see the year buying pulls ahead, and the appreciation rate that flips the decision.
What makes Minneapolis, MN different
- Median home price estimate: $340,000
- Typical monthly rent estimate: $1,600
- Minnesota effective property tax: 1.11% (~$3,774/yr here)
- Minnesota avg. homeowners insurance: $2,400/yr
Starting estimates as of 2026-01 — see the methodology & sources.