Rent or buy in St. Paul? Renting is $812 a month cheaper.
Renting the typical home in St. Paul costs $812 less a month than owning it. Even counting equity and price growth, buying does not come out ahead of renting and investing the difference within 30 years under our baseline assumptions.
Updated September 26, 2026 · Zillow data for August 2026 · 7.03% mortgage rate (Freddie Mac, September 24, 2026) · Rank 144 of 340 (1 = owning closest to renting) · Part of our 2026 rent vs. buy study
Monthly cost to own$2,300typical home, 20% down
Typical monthly rent$1,488Zillow, August 2026
Buying breaks even30+ years3.5% price growth
Cash needed to buy$67,688$294,297 home · 20% down + 3% closing
Income needed to own$92,013vs. $59,520 to rent · 30% rule
Where the monthly money goes.
The first-month cost of owning the typical St. Paul home, split into its parts, against the typical rent. About $192 of the first mortgage payment is principal, which you keep as equity.
The median household income in St. Paul is $73,394 (Census ACS 2020–2024). Owning the typical home would take 38% of it; renting would take 24%.
As a check with a larger rental, HUD's FY2027 Fair Market Rent for a three-bedroom home in the Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area area is $2,264 a month, still $36 below the cost of owning.
Own
$2,300
Rent
$1,488
Mortgage principal & interest $1,571
Property tax $318
Home insurance $166
Maintenance $245
How long you would need to stay.
Net worth of a buyer compared with a renter who invests the down payment, closing costs and any monthly savings at 6% a year. Home values and rents grow 3.5% a year; selling costs 6%.
Price is the Zillow Home Value Index and rent the Zillow Observed Rent Index for St. Paul. The cost of owning includes principal and interest at 7.03% with 20% down, property tax at the city's 1.30% effective rate (Census ACS), the Minnesota average homeowners premium (NAIC 2023) and 1% yearly maintenance. It leaves out income-tax effects, HOA dues and utilities. The typical rental may be smaller than the typical home for sale. Full methodology. This is a citywide estimate, not advice about a specific home.