I don't live in Minneapolis but my sister lives in a suburb and I've lived in Minnesota basically my whole life. The biking culture in Minneapolis is for real--they recently repainted a bunch of bike lanes to make them more visible for drivers, and I have some hardcore friends that bike even when it's super cold (like -30 and snowing). But they are also improving mass transit all the time--bus routes, light rail, etc. I'd take a good look at where you'll be working, and rent/buy near your job or at least near multiple transit options that would allow you some leeway with biking. Also, ride shares are an option, as well, if you're working in a major business area.
I live in central Minnesota and live less than a mile from where I work and have been known to walk to work even in the winter, because walking is easier and faster than clearing off the snow-covered car, de-icing the windows, waiting for the engine to warm up, etc. Get good winter coats and boots, and dress appropriately for the weather.
Also, I'd add that Minnesotans love the outdoors in general, and you'll see people out on the lakes, on park trails, and just out and about all year round. I personally love all of our seasons, and winter is a good time for cross-country skiing, snowshoeing, and on the coldest days, go to a concert, library, museum, or just stay home with a good book. And you better believe that first 40 degree day in the spring involves driving with the windows down! Fall is absolutely beautiful, as well, with all of the changing colors.
As for renting vs. buying, I think only you can answer that. Why not rent to begin with, and then see if you like the area and scope out the market when you're actually there? You can walk or bike through neighborhoods to get a feel for them, and you'll have a better sense of the schools, parks, etc. in an area once you're on the ground and living it.