Minnesota Rent vs Buy Calculator
Compare renting vs buying in Minnesota. Median home price $330,000, 1.12% property tax, $1,160/mo rent. See the breakeven point.
How This Calculator Works
Calculation methodology and assumptions
Rent vs buy comparison for Minnesota. Buying costs include mortgage payments (P&I), property tax (1.12%), homeowners insurance ($1,980/yr), maintenance (1%/yr), and closing costs (2.7%). Renting costs include monthly rent with annual increases. Home equity buildup and appreciation offset buying costs. Does not include tax deduction benefits.
Key State Information
Minnesota housing facts: Median home price $330,000 | Property tax 1.12% ($3,696/yr) | Median rent $1,160/mo | Home insurance $1,980/yr | Closing costs ~2.7%.
Frequently Asked Questions
Is it cheaper to rent or buy in Minnesota?
With Minnesota's median home price of $330,000 and median rent of $1,160/mo, the answer depends on how long you plan to stay. Generally, buying becomes cheaper after 4-7 years due to equity buildup, but Minnesota's lower property taxes shorten the breakeven point.
What is the breakeven point for buying in Minnesota?
The breakeven point depends on home price, rent, mortgage rate, and appreciation. In Minnesota, with 1.12% property tax and 2.7% closing costs, most buyers break even in 4-8 years compared to renting. Use this calculator with your specific numbers.
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