Minneapolis vs Saint Paul: Housing Costs in Minnesota
Side-by-side comparison of home prices, mortgage payments, and housing costs between Minneapolis and Saint Paul, Minnesota. Using Minnesota's 1.12% property tax rate and $2,100/year insurance. Updated for 2026.
Metric
Minneapolis
Saint Paul
Median Home Price
$345K
$295K
Population
429,954
311,527
Average Rent
$1,550/mo
$1,380/mo
Est. Monthly Mortgage (P&I)
$1,963/mo
$1,678/mo
Est. Monthly Property Tax
$322/mo
$275/mo
Est. Monthly Insurance
$175/mo
$175/mo
Est. Total PITI
$2,589/mo
$2,239/mo
Price-to-Rent Ratio
18.5
17.8
Verdict
Saint Paul edges out Minneapolis in affordability, saving you roughly $350/month on total housing costs. Both cities are in Minnesota, so property tax rates and insurance costs are the same — the difference comes down to home prices and what you get for your money in each market.
Monthly Payment Comparison
Estimated PITI payments assuming 10% down, 6.5% rate, 30-year fixed mortgage with PMI. Uses Minnesota's 1.12% property tax rate.
Minneapolis
Home Price$345,000
Down Payment (10%)$34,500
Loan Amount$310,500
Monthly P&I$1,963
Monthly Property Tax$322
Monthly Insurance$175
Monthly PMI$129
Total PITI$2,589/mo
Annual property tax: $3,864
Saint Paul
Home Price$295,000
Down Payment (10%)$29,500
Loan Amount$265,500
Monthly P&I$1,678
Monthly Property Tax$275
Monthly Insurance$175
Monthly PMI$111
Total PITI$2,239/mo
Annual property tax: $3,304
Buying in Saint Paul saves you approximately $350/month ($4,200/year) compared to Minneapolis, based on median home prices with identical loan terms.
Which City Is Better For...
First-Time Buyers
Saint Paul is the better choice for first-time buyers, with a median price of $295K versus $345K in Minneapolis. That's $50K less to save for a down payment. You'd need roughly $10K for an FHA 3.5% down payment in Saint Paul, compared to $12K in Minneapolis. Minnesota offers the Minnesota Housing Start Up program (Up to $18,000 deferred loan) which applies in both cities.
Real Estate Investment
Saint Paul has the better price-to-rent ratio at 17.8x versus 18.5x in Minneapolis. A lower ratio generally signals better rental income relative to purchase price. Average rent in Saint Paul is $1,380/month on a $295K median home, making it a stronger candidate for buy-and-rent investors.
Families
Minneapolis (pop. 429,954) offers more amenities, schools, and services typical of a larger city, while Saint Paul (pop. 311,527) may offer a quieter, more community-oriented lifestyle. Families on a budget may prefer Saint Paul, where lower housing costs free up more income for childcare, education, and savings.