Total monthly cost of ownership
Cost to Own a Home in Grand Forks, North Dakota
A $243,000 home here costs
$2,084per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $89,500 a year.
A standard mortgage calculator would have told you $1,325. The real number is $759 higher every month, 57% more than the payment most buyers budget for.
Compare Grand Forks County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Grand Forks against Grand Forks County and North Dakota
| Measure | Grand Forks | Grand Forks County |
|---|---|---|
| Median home value | $243,300 | $244,200 |
| Median property tax | $2,973 | $2,754 |
| Effective tax rate | 1.222% | 1.128% |
| Median gross rent | $958 | $971 |
| Population | 58,882 | 72,764 |
The weather behind that power bill
Grand Forks sits in Grand Forks County, which averages a high of 80.7°F in its hottest month and a low of -3.1°F in its coldest, with 21.74" of precipitation a year and 46% of it in a single three-month stretch. That climate drives 384 cooling and 9,533 heating degree days, which is what sets the $137 electricity line above.
See the full climate breakdown for Grand Forks County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Grand Forks County
Full Grand Forks County cost breakdown · Every county in North Dakota
Talk to someone who works this market
These are Grand Forks averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Grand Forks every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Grand Forks I already own here and may sell
Common questions
How much does it cost to own a home in Grand Forks?
A $243,000 home in Grand Forks, North Dakota costs approximately $2,084 per month with 20% down at 7.24%. That is $1,325 principal and interest, $247 property tax, $104 homeowners insurance, $205 utilities and $203 set aside for maintenance.
What is the property tax rate in Grand Forks?
Grand Forks has an effective property tax rate of 1.222%, based on a median home value of $243,300 and median real estate taxes of $2,973. That is higher than the Grand Forks County average of 1.128%.
What is the average home price in Grand Forks?
The median owner-occupied home value in Grand Forks, North Dakota is $243,300, against $244,200 across Grand Forks County.
Is it cheaper to rent or buy in Grand Forks?
Median gross rent in Grand Forks is $958 a month, against $2,084 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Grand Forks?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Grand Forks, North Dakota at today's rate takes a household income of roughly $89,500 a year. That covers the full $2,084 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Grand Forks, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for North Dakota.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.