Rent vs buy in Edina, MN
In Edina, Minnesota, the typical rent is $2,015 /mo and the typical home costs $624,597.
Renting comes out ahead by $142k over 7 years
Using Edina's typical rent and home value, the calculation includes a 20% down payment and today's mortgage rate. No break-even point occurs during the first 30 years.
Clearly labeled opinion, with the math shown. These are estimates, not quotes. Adjust any number and the stamp updates.
- Renting is ahead by
- $142k after 7 years
- Break-even point
- 30+ years owning never catches up sooner
- Actual cost of owning
- $5,543 /mo year 1, against $2,015 rent
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Which costs less in Edina, renting or buying?
Across 7 years, renting saves $142,119 after counting the money returned to you when you sell. Renting's net cost stays lower in each year shown. Owning does not catch up within 30 years.
Renting wins. Owning costs. Net cost to date, by year.
Comparing average rent and mortgage payments in Edina
Rent and the mortgage don't show every expense, so here's each monthly cost during year 1 at Edina's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $2,015 | All of it, every month |
| Mortgage payment | $3,405 | $3,001 of it is interest in year 1 |
| Property tax | $562 | 1.08% of the value a year |
| Insurance | $183 | Census median for the city |
| Upkeep | $520 | 1% of the value a year |
| Owning, cash out | $4,671 | $404 of it builds equity |
| Lost return on the down payment | $1,015 | The amount the cash would earn at 8.3% annually |
| Buying costs, spread out | $260 | 3.5% of the price over 7 years |
| True cost of owning | $5,543 | Cash paid, minus the equity portion, plus the two costs listed above |
Figures behind the Edina result
- Typical home valueZillow ZHVI, September 2026
- $624,597
- Typical rentZillow ZORI, September 2026
- $2,015 /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, Edina
- 1.08% of value
- Home insuranceCensus ACS 2020-2024, Edina
- $183 /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 it in Edina?
Each line marks where the 7-year Edina verdict switches, while everything else stays unchanged.
Renting comes out ahead when
- Home prices gain less than 6.9% each year. We use Minnesota's long-run rate of 4.3%.
- The mortgage rate remains above 3.13%.
- Less than $3,540 a month is what a home like this rents for; the typical figure here is $2,015.
- If you move within the next 30 years, owning still won't catch up based on these figures.
Buying comes out ahead when
- Home prices increase at a yearly rate over 6.9%.
- You lock a mortgage rate under 3.13% (today's stands at 7.24%).
- If you rented the same home, it would cost more than $3,540 a month.
How Edina compares with the other 812 cities
| Measure | Edina | Median city |
|---|---|---|
| Typical home value | $624,597 | $422,451 |
| Typical rent | $2,015 /mo | $1,837 /mo |
| Price-to-rent ratio | 25.8 (#124 of 813) | 18.5 |
| Home prices, last 10 years | 4.4% a year | 6.2% a year |
| Rents, last 5 years | 2.2% a year | 4% a year |
| Property tax | 1.08% | 0.87% |
| Households that rent | 28% | 42% |
Sources: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Other Minnesota cities
- Minneapolis, MN: renting wins by $17k.
- St. Paul, MN: renting wins by $21k.
- Rochester, MN: renting wins by $32k.
- Bloomington, MN: renting wins by $35k.
- Duluth, MN: renting wins by $28k.
- Brooklyn Park, MN: renting wins by $41k.
- Woodbury, MN: renting wins by $37k.
- Plymouth, MN: renting wins by $88k.
- Lakeville, MN: renting wins by $58k.
- Blaine, MN: renting wins by $6k.
- Maple Grove, MN: renting wins by $20k.
- St. Cloud, MN: renting wins by $22k.