Buffalo, MN

Average · 90

Minnesota · Population 16,388 · Updated March 2026

$1,111
Median Rent / Month
$88,306
Median Income
$281,900
Median Home Value
$1,570
Owner Costs / Month

Affordability

How far your income goes in Buffalo

15.1%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Minnesota

State-level tax rates that affect your costs

9.85%
Income Tax (Top Rate)
6.875%
Sales Tax
1.11%
Property Tax Rate

Estimated Annual Costs

$13,332
Annual Rent
$8,698
State Income Tax
$3,129
Property Tax (est.)

Cost of Living Overview

Buffalo offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 90 (where 100 equals the national median), Buffalo residents can expect to pay median rent of $1,111/month while earning a median household income of $88,306/year.

The median home value in Buffalo, MN is $281,900, with typical monthly owner costs around $1,570 including mortgage, insurance, and taxes. The median rent-to-income ratio of 15.1% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Minnesota's top income tax rate of 9.85% is among the highest in the nation, adding to the overall cost burden. Combined with a 6.875% sales tax rate and 1.11% effective property tax rate, the overall tax environment is a factor in the total cost of living in Buffalo.

Frequently Asked Questions

Common questions about living costs in Buffalo

What is the cost of living in Buffalo, MN?
The cost of living index in Buffalo, MN is 90 (US average = 100). Median monthly rent is $1,111, median household income is $88,306/year, and the median home value is $281,900.
Is Buffalo, MN affordable?
Yes, Buffalo is more affordable than the national average with a cost index of 90. The rent-to-income ratio is 15.1%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Buffalo, MN?
The median gross rent in Buffalo, MN is $1,111 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $13,332.
What is the median household income in Buffalo?
The median household income in Buffalo, MN is $88,306 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Minnesota?
Minnesota has a top income tax rate of 9.85%, a sales tax of 6.875%, and an effective property tax rate of 1.11%.