Mortgage payment estimates, closing cost breakdowns, and homebuying data for Rochester, Minnesota.
Median Home Price
$315K
Population
121K
Avg Monthly Rent
$1,350
Property Tax Rate
1.12% *
* Property tax shown is the Minnesota state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Rochester.
Rochester vs Minnesota Median
The median home price in Rochester is $315,000, which is 6% below the Minnesota state median of $335,000.
Mortgage Calculator — Rochester, MN
Pre-filled with Rochester median home price and Minnesota tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $315K home using Minnesota's 1.12% tax rate and $2,100/yr insurance.
5% Down
$2,535/mo
Down: $15,750
Loan: $299K
P&I: $1,891
Tax: $294
Insurance: $175
PMI: $175
10% Down
$2,426/mo
Down: $31,500
Loan: $284K
P&I: $1,792
Tax: $294
Insurance: $175
PMI: $165
20% Down (No PMI)
$2,062/mo
Down: $63,000
Loan: $252K
P&I: $1,593
Tax: $294
Insurance: $175
Income needed (28% rule): $88K/year with 20% down, $104K/year with 10% down.
Rent vs Buy in Rochester
Rent
$1,350/mo
vs
Buy (10% down)
$2,426/mo
Price-to-rent ratio: 19.4 — A ratio between 15-20 means the rent vs buy decision in Rochester depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Rochester is $315,000, 6% below the Minnesota state median of $335,000. With a population of 121,395, Rochester is a mid-size city where home prices tend to be more accessible than in many parts of Minnesota.
Property taxes in Minnesota average 1.12% annually. This moderate property tax rate means a $315,000 home in Rochester would carry roughly $294/month in property taxes. Homeowners insurance in Minnesota runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Rochester is $1,350/month. The price-to-rent ratio in Rochester is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Rochester presents moderate affordability. The $315K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Rochester.