CALCMONEY // HOME AFFORDABILITY // ND // MINOT
How much house can you afford in Minot? Based on local median home prices, current ND mortgage rates, and Minot property tax data.
$255,000
$1,673/mo
$71,716/yr
$212,189
Monthly housing costs of $1,673 represent 32.4% of Minot's median gross monthly income ($5,167/mo). At 32.4%, this slightly exceeds the 28% rule. Buyers need above-median income or a 25%+ down payment to qualify comfortably.
| Median Home Price | $255,000 |
| Down Payment (20%) | $51,000 |
| Loan Amount | $204,000 |
| Monthly PI Payment | $1,350 |
| Monthly Property Tax | $217 |
| Monthly Insurance Est. | $106 |
| Total Monthly PITI | $1,673 |
| Housing Cost % of Income | 32.4% |
| Required Income (28% rule) | $71,716/yr |
| Max Affordable Home | $212,189 |
$8,925
$2,126/mo
Minot Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $255,000 | Minot city median |
| Down Payment (20%) | $51,000 | Conventional loan |
| Monthly PITI | $1,673 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $71,716 | Annual gross |
| Max Affordable Home | $212,189 | Based on median income |
| FHA Down (3.5%) | $8,925 | Minimum FHA |
| Housing Cost % of Income | 32.4% | Median income: $62,000/yr |
| Property Tax Rate | 1.02% | $2,601/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Minot is $255,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $204,000, generating a monthly P&I payment of $1,350. Adding property taxes ($217/mo) and homeowners insurance ($106/mo) brings total monthly PITI to $1,673.
Minot's property tax rate of 1.02% is near the national average, adding a standard increment to monthly housing costs. On the Minot median home, that is $217/month, or $2,601 per year.
North Dakota levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Minot 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 Minot's median income of $62,000/year can afford up to $1,447/month in total housing costs. Based on Minot's mortgage rate of 6.95% and property tax rate of 1.02%, that translates to a maximum affordable home price of approximately $212,189 with 20% down on a 30-year loan.
To afford the median Minot home priced at $255,000, you need an annual gross income of approximately $71,716. Total monthly housing costs (principal and interest of $1,350, property taxes of $217, and insurance of $106) come to $1,673/month, which equals 28% of the required income.
At the median home price of $255,000 and median household income of $62,000, the total monthly housing cost of $1,673 represents 32.4% 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 Minot home of $255,000 is $51,000. An FHA loan requires just 3.5% down — $8,925 — but adds mortgage insurance of roughly $174/month, bringing total FHA payments to $2,126/month.
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