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City Report · MN

Buffalo

Pop. 16,499·39th most expensive in Minnesota·Rental market data updated monthly for Buffalo, MN
Median rent (all units)
$1,632/mo
Year-over-Year
Stable
Month-over-Month
+8.2%
vs US Median
-$330
Rising (Monthly)
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Most AffordableMost Expensive
Buffalo · $1,632
More affordable than 67% of US cities · National median $1,962/mo
Affordability
22% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $1,632/mo, rent takes about 22% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$65,000/yr
Local median income
$88,820/yr
Based on the 30%-of-income rule using Buffalo's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,060
1 BR
$1,200
2 BR
$1,470
3 BR
$1,970
4 BR+
$2,240
Fair Market Rent (HUD)
$1,470/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,632 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.

Source: HUD Small Area Fair Market Rents. Read the methodology →

Rent trends

12-month history

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Last updated: August 17, 2026

Annual cost
$19,584/yr
At $1,632/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 0.0% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+0.0% YoY, +8.2% MoM), not inventory.
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Demographics

Who lives here

Buffalo, MN is majority owner-occupied, 32% of residents hold a bachelor's degree or higher.

Population
16,499
Median income
$88,820
Median age
38.6
Renters
25.7%
Age distribution
24%
20.2%
28.2%
17.3%
Under 1824%
18–3420.2%
35–5428.2%
55–6410.2%
65+17.3%
Gender
48.6%
51.4%
Male48.6%
Female51.4%
Race & ethnicity
91.9%
White91.9%
Hispanic2.5%
Asian1.9%
Other3.5%
Education (25+)
27.9%
34.9%
32%
No HS diploma5.2%
HS diploma27.9%
Some college34.9%
Bachelor's+32%
Housing tenure
74.3%
25.7%
Owner74.3%
Renter25.7%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Buffalo, MN has changed in 5 years

Income
$74,036 → $88,820
up 20.0%
Population
16,121 → 16,499
up 2.3%
Renter share
24.7% → 25.7%
+1.0 pts
Bachelor's+
28% → 32%
+4.0 pts

Median household income rose from $74,036 to $88,820 between 2021 and 2024, a 20.0% shift. The population has grown by 2.3% since 2021, moving from about 16,121 residents to roughly 16,499. College-educated residents now make up 32% of adults here, versus 28% in 2021.

Community

Discussions about Buffalo

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View Buffalo rent history (2015–2026) →
Salary vs rent

Can you afford rent in Buffalo on your salary?

At $1,632/mo, how Buffalo rent compares to typical pay (30% rule).

By apartment size

Buffalo rent by bedroom count

Median rent for each apartment size in Buffalo. Click any size for full breakdown.

Local insights

Tips for renters in Buffalo

About renting in Buffalo, MN

Last updated: August 17, 2026

The median rent in Buffalo is $1,632/mo as of August 2026. A studio apartment averages $1,060/mo while a 2-bedroom runs $1,470/mo. One-bedroom apartments average $1,200/mo and 3-bedroom units go for $1,970/mo.

At 22% of local median household income ($88,820/yr), Buffalo ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Buffalo an affordable city for renters?

Buffalo is considered very affordable for renters. At $1,632/mo, rent takes approximately 22% of the local median household income ($88,820/yr). The standard benchmark is 30%. Buffalo falls comfortably within that range.

How much income do you need to rent in Buffalo?

To keep rent at or below 30% of gross income, you would need to earn at least $65,000/year (~$31/hour full-time) to afford the median rent of $1,632/mo in Buffalo. The local median household income is $88,820/yr, meaning the typical Buffalo household meets that threshold.

Is rent going up or down in Buffalo?

Rent in Buffalo has been relatively stable over the past year, with a 0.0% change year over year as of August 2026.

How does Buffalo rent compare to other cities in Minnesota?

Buffalo is middle-of-the-pack for Minnesota for rent, ranking #39 out of 67 tracked cities at $1,632/mo.

Which nearby cities are cheaper to rent in than Buffalo?

Monticello is nearby and more affordable at $1,619/mo, which is $13 less than Buffalo.

What percentage of Buffalo residents rent vs. own?

According to Census data, approximately 25.7% of Buffalo households are renters, while 74.3% are owner-occupied. Buffalo leans toward homeownership, which can mean a smaller rental inventory.

How does Buffalo rent compare to the national average?

Buffalo's median rent of $1,632/mo is $330 (17%) below the US national median of $1,962/mo. Within Minnesota, it ranks #39 out of 67 tracked cities.
Income Affordability
22%
VERY AFFORDABLE

At $1,632/mo, rent takes ~22% of Buffalo's median household income ($88,820/yr). The standard benchmark is 30%.

Buffalo 22%Benchmark 30%
State income tax5.35–9.85%
Run the Buffalo affordability calculator →
Lowest-rent ZIP codes in Buffalo
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Buffalo, MN

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