Among the many, many real estate tid-bits that come my way from Zillow, here's one that's worth a second look:
Zillow said that in Twin Cities metro, buying is a better financial decision if you plan to live in the home for at least 2.6 years. That's a metro-wide average, and the decision varies dramatically from community to community based on housing expenses. For example, the break-even point ranges from a high of 4.6 years in North Oaks to 2 years in Brooklyn Center, with 87 percent of cities only requiring you to live in the home for 3 years or less before buying becomes more financially advantageous than renting.
Here's a link to the full report, which you can search by metro area, city and zip code.