Short answer: In St. Paul, MN, the median home value is $301,800 and the median 3-bedroom rents for $1,475/mo (Census ACS 2024). That's a rent-to-price ratio of 0.49%, so it misses the 1% rule and would place #23 among the 50 largest US rental markets (St. Paul is the #63 US city by renter households). With 20% down at 7.32%, FirstDoor scores a median-priced home Pass (−$922/mo cash flow).
Key numbers
The 1% rule in St. Paul
A quick screen many investors start with: is monthly rent at least 1% of the price? In St. Paul, here's the answer on typical numbers.
Across all rentals (not just 3-bedrooms) the ratio is 0.41%. A home renting for the median 3-bedroom rent would need to cost about $148,000 or less to pass.
A typical St. Paul home, scored
We took a home at the median value, gave it the median 3-bedroom rent, and ran it through the same math as the FirstDoor calculator: 20% down, a 30-year loan at 7.32%, the city's median tax rate, and standard expense budgets.
| 3-bedroom rent (median) | $1,475 |
| Property tax ($4,167/yr, local median) | −$347 |
| Insurance ($1,510/yr, assumed) | −$126 |
| Vacancy 5% · Maintenance 5% · Management 8% | −$266 |
| Net operating income | $736 |
| Mortgage (P&I on $241,440 at 7.32%) | −$1,659 |
| Monthly cash flow | −$922 |
What price works in St. Paul?
How low would the price need to be? With the median St. Paul 3-bedroom rent, here's where each result kicks in.
Takeaways
- St. Paul's 0.49% ratio is well under the 1% rule (it would place #23 among the 50 largest). Most investors here are betting on appreciation, not monthly income.
- A median-priced home here would cost you about $922/mo out of pocket after the mortgage and every expense. To break even you'd need to pay about $169,000, 44% below the median.
- Prices are outrunning rents: home values rose 2.8% from 2023 to 2024 while 3-bedroom rent fell 17.7%. The 1% math got tougher.
- The rental market is tight: only 4.4% of rentals sit vacant (US: 5.7%). Good units should lease quickly.
- Property taxes are heavy: the median bill is $4,167, about 1.38% of value versus 0.89% nationally. Confirm the bill after purchase, since it can reset.
Frequently asked questions
Does St. Paul pass the 1% rule?
No, on typical numbers. The median 3-bedroom gross rent is $1,475/mo and the median home value is $301,800 (Census ACS 2024 1-year), a ratio of 0.49%. To pass at that rent, a home would need to cost about $148,000 or less.
What is the typical rent for a 3-bedroom in St. Paul?
The median gross rent for a 3-bedroom in St. Paul, MN is $1,475 a month, and $1,247 across all rentals (Census ACS 2024 1-year). Gross rent includes utilities the renter pays, so the landlord's share can be a bit lower. The 3-bedroom median fell 17.7% from 2023.
Can you cash flow a rental in St. Paul?
At the median price, not easily. With 20% down at 7.32% and realistic expenses, a $301,800 home renting for $1,475 loses about $922/mo. It breaks even at roughly $169,000.
How much cash do you need to buy a typical rental in St. Paul?
About $69,460: a 20% down payment of $60,360 plus closing costs we assume at 3% ($9,100). Lenders often also want several months of reserves. Investment loans commonly need 15–25% down.
Is St. Paul a good place to buy a first rental?
FirstDoor scores a median-priced home in St. Paul as Pass (0 of 8 points). That's a starting point, not a verdict on every listing: neighborhoods vary, and buying below the median changes the math. Run any listing through the free calculator.
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Sources
Data: U.S. Census Bureau, 2024 American Community Survey 1-year estimates (released September 2025); year-over-year changes compare with 2023. Mortgage rate: Freddie Mac PMMS, week of October 22, 2026. Retrieved October 15, 2026. Insurance ($1,510/yr), closing costs (3%), maintenance (5%) and management (8%) are FirstDoor assumptions, not local data. Investment-property loans often price above the PMMS average. Medians describe the whole city, not any one home. Educational content, not financial advice.