CALCMONEY // HOME AFFORDABILITY // ND // GRAND FORKS
How much house can you afford in Grand Forks? Based on local median home prices, current ND mortgage rates, and Grand Forks property tax data.
$245,000
$1,614/mo
$69,166/yr
$204,612
Monthly housing costs of $1,614 represent 32.3% of Grand Forks's median gross monthly income ($5,000/mo). At 32.3%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $245,000 |
| Down Payment (20%) | $49,000 |
| Loan Amount | $196,000 |
| Monthly PI Payment | $1,297 |
| Monthly Property Tax | $214 |
| Monthly Insurance Est. | $102 |
| Total Monthly PITI | $1,614 |
| Housing Cost % of Income | 32.3% |
| Required Income (28% rule) | $69,166/yr |
| Max Affordable Home | $204,612 |
$8,575
$2,049/mo
Grand Forks Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $245,000 | Grand Forks city median |
| Down Payment (20%) | $49,000 | Conventional loan |
| Monthly PITI | $1,614 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $69,166 | Annual gross |
| Max Affordable Home | $204,612 | Based on median income |
| FHA Down (3.5%) | $8,575 | Minimum FHA |
| Housing Cost % of Income | 32.3% | Median income: $60,000/yr |
| Property Tax Rate | 1.05% | $2,573/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Grand Forks is $245,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $196,000, generating a monthly P&I payment of $1,297. Adding property taxes ($214/mo) and homeowners insurance ($102/mo) brings total monthly PITI to $1,614.
Grand Forks's property tax rate of 1.05% is near the national average, adding a standard increment to monthly housing costs. On the Grand Forks median home, that is $214/month, or $2,573 per year.
North Dakota levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Grand Forks 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 Grand Forks's median income of $60,000/year can afford up to $1,400/month in total housing costs. Based on Grand Forks's mortgage rate of 6.95% and property tax rate of 1.05%, that translates to a maximum affordable home price of approximately $204,612 with 20% down on a 30-year loan.
To afford the median Grand Forks home priced at $245,000, you need an annual gross income of approximately $69,166. Total monthly housing costs (principal and interest of $1,297, property taxes of $214, and insurance of $102) come to $1,614/month, which equals 28% of the required income.
At the median home price of $245,000 and median household income of $60,000, the total monthly housing cost of $1,614 represents 32.3% 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 Grand Forks home of $245,000 is $49,000. An FHA loan requires just 3.5% down — $8,575 — but adds mortgage insurance of roughly $167/month, bringing total FHA payments to $2,049/month.