Home Affordability in Fargo, ND
The median home price in Fargo is $270,000 with a median household income of $52,821. Housing is significantly stretched relative to local incomes.
Median Home Price
$270,000
Median Income
$52,821
Price-to-Income Ratio
5.1x
Est. Affordable Home
$205,000
Property Tax Rate
0.98%
Annual Property Tax
$2,646
Sales Tax Rate
7.75%
Cost of Living Index
92
Buying a Home in Fargo
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $52,821 in Fargo can afford a monthly housing payment of approximately $1,232. This translates to a home price of roughly $205,000, which is below the median home price of $270,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Fargo would be approximately $2,646 per year ($221/month) at the effective rate of 0.98%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $8,100 | $261,900 | Yes |
| 5% | $13,500 | $256,500 | Yes |
| 10% | $27,000 | $243,000 | Yes |
| 20% | $54,000 | $216,000 | No |
Use Our Home Affordability Calculator
Get a personalized estimate based on your income, debts, down payment, and credit score.
Calculate Now