Buy vs Rent in St. Paul, MN (2026)
Median home price $310K · 1BR rent $1,500/mo · Price-to-rent ratio 17.2x.
Median home price
$310K
1BR rent
$1,500/mo
Price-to-rent ratio
17.2x
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 | $10,850 | $31,000 | $62,000 |
| Mortgage (P&I) | $1,990/mo | $1,856/mo | $1,650/mo |
| Property tax (est.) | $284/mo | $284/mo | $284/mo |
| Insurance (est.) | $129/mo | $129/mo | $129/mo |
| Maintenance (est.) | $258/mo | $258/mo | $258/mo |
| Total monthly cost | $2,661vs rent: +$1,161/mo | $2,527vs rent: +$1,027/mo | $2,321vs rent: +$821/mo |
| Income to qualify | $85,286/yr | $79,543/yr | $70,714/yr |
| Break-even (approx.) | ~1 yrs | ~3 yrs | ~6 yrs |
St. Paul housing context
$65K
Median HH income
per year
$70,714
Income needed (20% down)
per year
+$6K
Affordability gap
vs median income
Frequently asked questions
Is it better to buy or rent in St. Paul?
St. Paul's price-to-rent ratio of 17.2x 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 St. Paul?
With a median home price of $310K in St. Paul, you'd need an annual income of roughly $70,714 to qualify with 20% down (at 7% rate, 28% housing ratio). With 10% down, you'd need about $79,543/year.
St. Paul full cost of living breakdownCheaper cities near St. PaulHow much to retire in St. PaulCompare mortgage rates
Mortgage at 7% 30-yr fixed · Property tax 1.1% est. · Maintenance 1% est. · Zillow, BLS · Q1 2026 · For general guidance only