Rent vs buy in Burnsville, MN
The typical monthly rent in Burnsville, Minnesota is $1,493, and the typical home price is $364,909.
Renting comes out ahead by $52k over 7 years
Today's mortgage rate and 20% down are used with Burnsville's typical rent and home value. You reach break-even in year 25.
Our opinion is clearly labeled, and we show the math. These figures are estimates, not quotes. The stamp changes whenever a number changes.
- Renting comes out ahead by
- $52k after 7 years
- Break-even point
- year 25 when owning catches up
- Full cost of owning
- $3,228 /mo year 1, against $1,493 rent
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Which costs less in Burnsville, renting or buying?
Over 7 years, renting costs $52,292 less, including the money you get back when you sell. For the first 24 years, renting costs less. In year 25, owning catches up.
Renting. Owning. Net cost so far for each year.
Average rent compared with the mortgage payment in Burnsville
Rent and mortgage don't tell the whole story. Here are all monthly costs for year 1 at Burnsville's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,493 | All of it, every month |
| Mortgage payment | $1,989 | $1,754 of it is interest in year 1 |
| Property tax | $295 | 0.97% of the value a year |
| Insurance | $130 | Census median for the city |
| Upkeep | $304 | 1% of the value a year |
| Owning, cash out | $2,719 | $236 of it builds equity |
| Lost return on the down payment | $593 | What that cash would earn each year at 8.3% |
| Buying costs, spread out | $152 | 3.5% of the price over 7 years |
| True cost of owning | $3,228 | Cash out, with the equity portion removed and both lines above added |
Figures behind the Burnsville verdict
- Typical home valueZillow ZHVI, September 2026
- $364,909
- Typical rentZillow ZORI, September 2026
- $1,493 /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, Burnsville
- 0.97% of value
- Home insuranceCensus ACS 2020-2024, Burnsville
- $130 /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 reverse the Burnsville result?
Each line shows where Burnsville's 7-year result changes, while all other factors stay the same.
Renting comes out ahead when
- Our calculation uses 4.3%, Minnesota's long-run rate, for home price growth below 6.0% a year.
- The rate stays above 4.68% for mortgages.
- For a home like this, monthly rent is less than $2,050. Here, $1,493 is typical.
- Moving happens before year 25.
When buying comes out ahead
- Home prices rise by more than 6.0% each year.
- A mortgage rate under 4.68% is locked in (today's is 7.24%).
- The same home costs more than $2,050 monthly to rent.
- Your stay reaches 25 years or more.
How Burnsville compares with the other 812 cities
| Measure | Burnsville | Median city |
|---|---|---|
| Typical home value | $364,909 | $422,451 |
| Typical rent | $1,493 /mo | $1,837 /mo |
| Price-to-rent ratio | 20.4 (#318 of 813) | 18.5 |
| Home prices, last 10 years | 4.8% a year | 6.2% a year |
| Rents, last 5 years | 2.7% a year | 4% a year |
| Property tax | 0.97% | 0.87% |
| Households that rent | 35% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
A look at other cities in Minnesota
- Renting wins by $17k in Minneapolis, MN.
- Renting wins by $21k in St. Paul, MN.
- Renting wins by $32k in Rochester, MN.
- Renting wins by $35k in Bloomington, MN.
- Renting wins by $28k in Duluth, MN.
- Renting wins by $41k in Brooklyn Park, MN.
- Renting wins by $37k in Woodbury, MN.
- Renting wins by $88k in Plymouth, MN.
- Renting wins by $58k in Lakeville, MN.
- Renting wins by $6k in Blaine, MN.
- Renting wins by $20k in Maple Grove, MN.
- Renting wins by $22k in St. Cloud, MN.