Buy vs Rent in Rochester, MN (2026)
Median home price $290K · 1BR rent $1,400/mo · Price-to-rent ratio 17.3x.
Median home price
$290K
1BR rent
$1,400/mo
Price-to-rent ratio
17.3x
Verdict
Neutral
Monthly cost of buying — 3 scenarios
30-year mortgage at 7% · Includes property tax, insurance, and maintenance estimates
| 3.5% down (FHA) | 10% down | 20% down (conventional) | |
|---|---|---|---|
| Down payment | $10,150 | $29,000 | $58,000 |
| Mortgage (P&I) | $1,862/mo | $1,736/mo | $1,544/mo |
| Property tax (est.) | $266/mo | $266/mo | $266/mo |
| Insurance (est.) | $121/mo | $121/mo | $121/mo |
| Maintenance (est.) | $242/mo | $242/mo | $242/mo |
| Total monthly cost | $2,491vs rent: +$1,091/mo | $2,365vs rent: +$965/mo | $2,173vs rent: +$773/mo |
| Income to qualify | $79,800/yr | $74,400/yr | $66,171/yr |
| Break-even (approx.) | ~1 yrs | ~3 yrs | ~6 yrs |
Rochester housing context
$72K
Median HH income
per year
$66,171
Income needed (20% down)
per year
Qualified
Affordability gap
vs median income
Frequently asked questions
Is it better to buy or rent in Rochester?
Rochester's price-to-rent ratio of 17.3x is in the neutral zone (15-20x). Whether to buy or rent depends on how long you plan to stay, your down payment, and your personal finances.
How much do I need to earn to buy a home in Rochester?
With a median home price of $290K in Rochester, you'd need an annual income of roughly $66,171 to qualify with 20% down (at 7% rate, 28% housing ratio). With 10% down, you'd need about $74,400/year.
Rochester full cost of living breakdownCheaper cities near RochesterHow much to retire in RochesterCompare mortgage rates
Mortgage at 7% 30-yr fixed · Property tax 1.1% est. · Maintenance 1% est. · Zillow, BLS · Q1 2026 · For general guidance only