Quick facts: Fargo, ND

Quick Facts

97.5
Cost of Living
below US average
131,444
Population
46.26
Crime Rate per 1000
above US average
$64,432
Median Income
below US average
$275,000
Median House Price
above US average
$1052.42
Average Rent
below US average
11%
Poverty Rate
above US average
2.4%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $64,432.

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Income Needed to Buy

βœ— Stretch
$86k/year
Based on $275,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $86k vs median $64,432
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Income Needed to Rent

βœ“ Affordable
$45k/year
Based on $1052.42/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($64,432) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Fargo, ND

Fargo, located in the eastern part of North Dakota, is the largest city in the state and serves as the cultural and economic hub of the region. Situated along the Red River of the North, Fargo boasts a population of approximately 125,000 residents, making it a vibrant urban area with a small-town feel. Fargo is known for its strong agricultural roots, but it has diversified into sectors like healthcare, education, and technology. The city is home to North Dakota State University (NDSU), a key contributor to local research and development, and the Fargo Marathon, which attracts runners from across the country. The downtown area features a mix of historic architecture and modern development, including a variety of dining, shopping, and entertainment options. The city is also known for its arts scene, with institutions like the Plains Art Museum and the Fargo Theatre showcasing local and national talents. Fargo experiences a continental climate, with cold winters and warm summers, providing various seasonal activities like ice fishing and summer festivals. With a welcoming community and a thriving economy, Fargo offers a high quality of life for its residents.

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