Quick facts: Moorhead, MN

Quick Facts

102.8
Cost of Living
above US average
44,861
Population
26.55
Crime Rate per 1000
above US average
$68,680
Median Income
below US average
$259,000
Median House Price
above US average
$1910.59
Average Rent
above US average
9%
Poverty Rate
below US average
3.0%
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 $68,680.

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Income Needed to Buy

βœ— Stretch
$81k/year
Based on $259,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $81k vs median $68,680
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Income Needed to Rent

⚠ Stretch
$82k/year
Based on $1910.59/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $82k vs median $68,680
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Moorhead, MN

Moorhead, Minnesota, located in Clay County, is part of the Fargo-Moorhead metropolitan area and is situated along the Red River of the North. Known for its rich history, Moorhead was founded in the late 19th century and has developed into a vibrant community with a population of approximately 42,000 residents. The city boasts a mix of cultural and recreational opportunities. It is home to Minnesota State University Moorhead, which provides educational and cultural events for the community. Moorhead's parks and recreational facilities cater to various outdoor activities, including hiking, biking, and fishing along the riverfront. Moorhead also features a diverse arts scene, with events like the annual Moorhead Arts Festival, showcasing local artists and craftsmen. The blending of cultures is evident in the community's festivals, which celebrate its Norwegian and Swedish heritage. Additionally, the city is conveniently positioned near Fargo, North Dakota, allowing residents to access larger urban amenities while enjoying the charm of a smaller town. With its strong community spirit and various local initiatives, Moorhead is a welcoming place to live, work, and visit.

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