Safe Rate Local

Cost of Living in Minnesota

Is it better to rent or buy in Minnesota? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

← Back to Minnesota Hub

Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$96,646
$1,351/mo

Median in area: $1,351

$340,006

Median in area: $340,006

$68,001

If you Rent

🔑
$1,569 /mo
Base Rent$1,351
Est. Utilities$218
% of Income19.5%
Pre-tax Residual$6,485

If you Buy

🏠
$2,447 /mo
P&I (6.873%)$1,787
Taxes & Ins$442
Est. Utilities$218
% of Income30.4%
Pre-tax Residual$5,607

Cost of Living FAQs

Is it cheaper to rent or buy in Minnesota?›

Based on median housing data, renting is currently more affordable on a monthly basis in Minnesota. The estimated all-in monthly cost for renting is $1,569, while owning a median-priced home with a 20% down payment is roughly $2,447 per month (a difference of $878).

How much do utilities cost in Minnesota?›

The average monthly utility cost (electricity and natural gas) for a typical home in Minnesota is approximately $218. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Minnesota?›

To comfortably afford the median rent and utilities in Minnesota without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $62,760 per year.