CALCMONEY // HOME AFFORDABILITY // ND // FARGO
How much house can you afford in Fargo? Based on local median home prices, current ND mortgage rates, and Fargo property tax data.
$295,000
$1,941/mo
$83,176/yr
$236,943
Monthly housing costs of $1,941 represent 33.3% of Fargo's median gross monthly income ($5,833/mo). At 33.3%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $295,000 |
| Down Payment (20%) | $59,000 |
| Loan Amount | $236,000 |
| Monthly PI Payment | $1,562 |
| Monthly Property Tax | $256 |
| Monthly Insurance Est. | $123 |
| Total Monthly PITI | $1,941 |
| Housing Cost % of Income | 33.3% |
| Required Income (28% rule) | $83,176/yr |
| Max Affordable Home | $236,943 |
$10,325
$2,465/mo
Fargo Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $295,000 | Fargo city median |
| Down Payment (20%) | $59,000 | Conventional loan |
| Monthly PITI | $1,941 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $83,176 | Annual gross |
| Max Affordable Home | $236,943 | Based on median income |
| FHA Down (3.5%) | $10,325 | Minimum FHA |
| Housing Cost % of Income | 33.3% | Median income: $70,000/yr |
| Property Tax Rate | 1.04% | $3,068/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Fargo is $295,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $236,000, generating a monthly P&I payment of $1,562. Adding property taxes ($256/mo) and homeowners insurance ($123/mo) brings total monthly PITI to $1,941.
Fargo's property tax rate of 1.04% is near the national average, adding a standard increment to monthly housing costs. On the Fargo median home, that is $256/month, or $3,068 per year.
North Dakota levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Fargo should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Fargo's median income of $70,000/year can afford up to $1,633/month in total housing costs. Based on Fargo's mortgage rate of 6.95% and property tax rate of 1.04%, that translates to a maximum affordable home price of approximately $236,943 with 20% down on a 30-year loan.
To afford the median Fargo home priced at $295,000, you need an annual gross income of approximately $83,176. Total monthly housing costs (principal and interest of $1,562, property taxes of $256, and insurance of $123) come to $1,941/month, which equals 28% of the required income.
At the median home price of $295,000 and median household income of $70,000, the total monthly housing cost of $1,941 represents 33.3% of gross monthly income. This slightly exceeds the standard 28% rule. Buyers will need above-median income or a larger down payment to stay within guidelines.
A conventional 20% down payment on the median Fargo home of $295,000 is $59,000. An FHA loan requires just 3.5% down — $10,325 — but adds mortgage insurance of roughly $202/month, bringing total FHA payments to $2,465/month.
Bismarck
$285,000 median
NDGrand Forks
$245,000 median
NDMinot
$255,000 median
NDWest Fargo
$310,000 median