Housing Costs in Plymouth, MN: Complete 2025 Guide

The Housing Market in Plymouth Today

Plymouth, a thriving suburb west of Minneapolis, has a dynamic housing market shaped by its strong economy, excellent schools, and high quality of life. As a hub for major employers like Cargill, Smiths Medical, and Nilfisk, Plymouth attracts a mix of young professionals, growing families, and established residents. This diverse demand, combined with limited land for new development, has kept the housing market competitive compared to other Twin Cities suburbs.

While Plymouth’s median home price of $450,000 exceeds the Minneapolis metro average of $380,000, the city’s robust job market and award-winning schools make it an attractive choice for buyers. Rentals are also in high demand, with apartments near major employers and retail centers commanding premium prices. As Plymouth continues to grow and attract new residents, experts predict steady appreciation and low vacancy rates in the coming years.

Renting in Plymouth: Typical Costs and Trends

Plymouth offers a range of rental options, from modern apartment complexes to single-family homes. As of 2025, a typical one-bedroom apartment rents for around $1,400 per month, while two-bedroom units average $1,800. Luxury apartments in amenity-rich buildings can command rents upwards of $2,200 for a two-bedroom.

Young professionals flock to newer rentals near major employers along Highway 55 and I-494, where convenient access commands higher prices. Families often opt for townhomes or single-family rentals in Plymouth’s eastern neighborhoods like Gleason Lake, trading commute times for more space and highly rated schools. Retirees and empty-nesters seek out maintenance-free living in the city’s growing supply of 55+ apartment communities.

Across all rental types, prices tend to be 10-20% higher than comparable units in other Twin Cities suburbs due to Plymouth’s strong economy, low crime rates, and lifestyle amenities. However, the city’s diverse rental inventory and low vacancy rates make it an attractive choice for renters across all budgets and life stages.

Owning a Home in Plymouth: Prices, Taxes, and HOA Fees

Plymouth’s median home price of $450,000 reflects the city’s desirable location, high-quality housing stock, and excellent schools. However, actual prices vary widely based on neighborhood, age of home, and property type. Newer construction and luxury homes in eastern Plymouth often exceed $700,000, while older houses and townhomes offer more affordable entry points in the $300,000s.

Property taxes in Plymouth are around 1.2% of assessed value, slightly higher than the Hennepin County average. For a median-priced home of $450,000, this equates to approximately $5,400 per year or $450 per month. Many of Plymouth’s larger neighborhoods have active homeowners associations (HOAs) that provide services and amenities. HOA fees typically range from $150-300 per month, covering lawn care, snow removal, and maintenance of shared spaces like pools and clubhouses.

While property taxes and HOA fees add to the monthly cost of homeownership, Plymouth’s strong appreciation rates and high quality of life make it a solid long-term investment. Historically, home values in the city have risen 4-6% per year, outpacing the national average.

Apartment vs House in Plymouth: Side-by-Side Costs

When deciding between renting an apartment or buying a house in Plymouth, it’s essential to compare total monthly costs. As shown in the table above, a typical two-bedroom apartment commands around $1,970 per month including rent, utilities, and renters insurance. Meanwhile, the monthly cost for a three-bedroom house comes to approximately $3,570 when factoring in a mortgage payment, property taxes, utilities, insurance, and HOA fees.

While owning a home offers more space and long-term equity, it also comes with additional expenses like maintenance, repairs, and higher utility bills. Renters enjoy more flexibility and predictable monthly costs, but miss out on the financial benefits of ownership. Ultimately, the decision depends on individual financial goals, lifestyle preferences, and long-term plans.

Utility & Upkeep Differences

Utility costs can vary significantly between apartments and houses in Plymouth due to differences in square footage, energy efficiency, and included services. Renters typically pay for electricity, gas, and water/sewer, which average $150 per month for a two-bedroom apartment. Houses often have higher utility bills due to larger spaces, older systems, and additional costs like trash and recycling. A three-bedroom house in Plymouth may have monthly utility expenses around $250.

Maintenance and upkeep also differ between apartments and houses. Renters are generally responsible for minor repairs and cleaning, while property managers handle major systems, exterior upkeep, and shared amenities. Homeowners must budget for all repairs, updates, and regular maintenance like lawn care, snow removal, and HVAC servicing. These costs can add hundreds of dollars to monthly expenses, making upkeep a key factor in the rent vs. buy decision.

5-Year Rent vs Buy Outlook

Over a five-year period, the total cost of renting a two-bedroom apartment in Plymouth comes to approximately $118,000, assuming 3% annual rent increases. Owning a median-priced $450,000 home would cost around $214,000 over the same period, including mortgage payments, property taxes, insurance, HOA fees, and conservative maintenance estimates.

However, this comparison doesn’t account for the equity gained through homeownership. Assuming a modest 4% annual appreciation rate, a $450,000 house in Plymouth would be worth over $540,000 after five years. Even after deducting a 6% seller’s agent commission, the net proceeds of $508,000 represent a significant return on investment compared to renting.

Of course, this simplified example doesn’t factor in the opportunity cost of a down payment, closing costs, or the tax benefits of ownership. It also assumes steady appreciation and no major repair expenses. Prospective buyers should weigh their unique financial situation, risk tolerance, and long-term goals when comparing the costs of renting vs. buying in Plymouth.

FAQs About Housing Costs in Plymouth

• What is the median home price in Plymouth?
• How much are average HOA fees in Plymouth neighborhoods?
• Is it cheaper to rent or buy in Plymouth long-term?
• How do utility costs compare between apartments and houses?
• What’s the property tax rate for homeowners in Plymouth?

Making Smart Housing Choices in Plymouth

As this in-depth look at housing costs in Plymouth shows, both renting and buying have distinct advantages and trade-offs. For those who value flexibility and minimal maintenance, Plymouth’s diverse rental market offers options for every budget and lifestyle. Prospective buyers can expect steady appreciation and a high quality of life, but must be prepared for the added costs and responsibilities of ownership.

Ultimately, the decision depends on individual preferences, financial resources, and long-term plans. By understanding the nuances of Plymouth’s unique housing market and carefully weighing the costs, residents can make informed choices that align with their goals and lifestyles. With its strong economy, excellent amenities, and welcoming community, Plymouth offers a fantastic place to call home for renters and buyers alike.