Quick facts: Minot, ND

Quick Facts

97.5
Cost of Living
below US average
47,759
Population
13.32
Crime Rate per 1000
below US average
$75,545
Median Income
below US average
$282,220
Median House Price
above US average
$1413.33
Average Rent
above US average
10%
Poverty Rate
below US average
2.7%
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 $75,545.

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Income Needed to Buy

βœ— Stretch
$89k/year
Based on $282,220 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $89k vs median $75,545
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Income Needed to Rent

βœ“ Affordable
$61k/year
Based on $1413.33/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($75,545) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Minot, ND

Minot, North Dakota, known as the "Magic City," is a vibrant city in the northwestern part of the state. Founded in the late 19th century, Minot was named after the prominent railroad attorney Henry D. Minot. It serves as the county seat of Ward County and is one of the largest cities in North Dakota. Minot boasts a strong economy, fueled by its proximity to the Bakken oil fields, agriculture, and healthcare sectors. The city is home to Minot Air Force Base, which plays a crucial role in its economic stability and community culture. The city features a variety of attractions, such as the Roosevelt Park Zoo, the Scandinavian Heritage Park, and the Minot State University, which contributes to the educational landscape of the area. Minot experiences a humid continental climate, with cold winters and warm summers, making outdoor activities popular throughout the year. The city also hosts annual events like the North Dakota State Fair, attracting visitors from across the region. With its unique blend of natural beauty, rich history, and community spirit, Minot offers a welcoming atmosphere for residents and visitors alike.

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