Rent vs Buy in Duluth, MN
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Duluth, MN
Price-to-rent ratio is 20.4 (under 15 favors buying, over 21 favors renting). Renting costs $1,207/mo; owning runs about $2,246/mo — $1,039/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 7.18% rate) | $1,605 |
| Property tax | $271 |
| Home insurance | $123 |
| Maintenance | $247 |
| Total to own | $2,246 |
| Average 2BR rent | $1,207 |
Based on a median home value of $296,120 with a $59,224 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.