Rent vs buy in Apple Valley, MN
In Apple Valley, Minnesota, the typical rent is $1,985 /mo and the typical home is $374,918.
Over 7 years, renting comes out ahead by $12k.
Today's mortgage rate and a 20% down payment are used with Apple Valley's typical home value and rent. The break-even point lands in year 9.
Opinion, clearly marked, with the math included. These figures are estimates, not quotes. Adjust a figure and the stamp updates.
- Renting leads by
- $12k after 7 years
- The break-even point
- in year 9 when owning catches up
- What owning really costs
- $3,317 a month year 1, against $1,985 rent
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In Apple Valley, is renting or buying cheaper?
Counting the money you get back when you sell, renting costs $11,749 less over 7 years. For the first 8 years, renting costs less. By year 9, owning catches up.
The answer is renting. Owning. Running total of net cost, year by year.
Apple Valley: average rent compared with the mortgage payment
Rent and the mortgage don't tell the whole story. Here are all the monthly costs for year 1, based on Apple Valley's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,985 | All of it, every month |
| Mortgage payment | $2,044 | $1,802 of it is interest in year 1 |
| Property tax | $309 | 0.99% of the value a year |
| Insurance | $128 | Census median for the city |
| Upkeep | $312 | 1% of the value a year |
| Owning, cash out | $2,794 | $242 of it builds equity |
| Lost return on the down payment | $609 | What that cash would earn each year at 8.3% |
| Buying costs, spread out | $156 | 3.5% of the price over 7 years |
| True cost of owning | $3,317 | Cash out, less the equity piece, plus the two lines above |
The figures behind the Apple Valley verdict
- Typical home valueZillow ZHVI, September 2026
- $374,918
- Typical rentZillow ZORI, September 2026
- $1,985 /mo
- Down payment20% avoids private mortgage insurance, which the engine does not model
- 20%
- Mortgage rateFreddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Home price growthFHFA house price index, Minnesota, 1995 to 2025
- 4.3% a year
- Rent growthCPI rent of primary residence, yearly growth 2006 to 2026
- 3.5% a year
- Return on savings60% S&P 500 with dividends and 40% 10-year Treasuries, rebalanced yearly, 1928 to 2025
- 8.3% a year
- Property taxCensus ACS 2020-2024, Apple Valley
- 0.99% of value
- Home insuranceCensus ACS 2020-2024, Apple Valley
- $128 /mo
- MaintenanceFannie Mae, low end of 1% to 4%
- 1% of value a year
- Buying costsFreddie Mac, middle of 2% to 5%
- 3.5% of price
- Selling costsAgent commission plus closing costs
- 6% of price
What would turn the result around in Apple Valley?
A line marks the point where the 7-year verdict for Apple Valley changes. Everything else stays as it is.
Renting comes out ahead when
- Home prices rise by less than 4.7% a year (4.3% is Minnesota's long-run rate, and that's what we use).
- The mortgage rate remains above 6.68%.
- Monthly rent for a home like this falls below $2,110 (typical here: $1,985).
- Moving before year 9.
Buying comes out ahead when
- Home prices rise at a yearly rate faster than 4.7%.
- You fix a mortgage rate under 6.68% (today's rate is 7.24%).
- For that same home, monthly rent would run above $2,110.
- Your stay covers 9 years or more.
Apple Valley compared with the 812 other cities
| Measure | Apple Valley | Median city |
|---|---|---|
| Typical home value | $374,918 | $422,451 |
| Typical rent | $1,985 /mo | $1,837 /mo |
| Price-to-rent ratio | 15.7 (#580 of 813) | 18.5 |
| Home prices, last 10 years | 4.6% a year | 6.2% a year |
| Rents, last 5 years | 2.6% a year | 4% a year |
| Property tax | 0.99% | 0.87% |
| Households that rent | 27% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
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