Total monthly cost of ownership
Cost to Own a Home in Minot, North Dakota
A $254,000 home here costs
$2,156per 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 $92,500 a year.
A standard mortgage calculator would have told you $1,385. The real number is $771 higher every month, 56% more than the payment most buyers budget for.
Compare Ward 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.
Minot against Ward County and North Dakota
| Measure | Minot | Ward County |
|---|---|---|
| Median home value | $254,400 | $259,100 |
| Median property tax | $2,950 | $2,785 |
| Effective tax rate | 1.160% | 1.075% |
| Median gross rent | $928 | $1,000 |
| Population | 47,922 | 69,232 |
The weather behind that power bill
Minot sits in Ward County, which averages a high of 83.8°F in its hottest month and a low of 4.4°F in its coldest, with 16.71" of precipitation a year and 54% of it in a single three-month stretch. That climate drives 552 cooling and 8,382 heating degree days, which is what sets the $137 electricity line above.
See the full climate breakdown for Ward County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Ward County
Full Ward County cost breakdown · Every county in North Dakota
Talk to someone who works this market
These are Minot 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 Minot every week. Free, no obligation, and we never sell your details to a list.
Common questions
How much does it cost to own a home in Minot?
A $254,000 home in Minot, North Dakota costs approximately $2,156 per month with 20% down at 7.24%. That is $1,385 principal and interest, $246 property tax, $109 homeowners insurance, $205 utilities and $212 set aside for maintenance.
What is the property tax rate in Minot?
Minot has an effective property tax rate of 1.160%, based on a median home value of $254,400 and median real estate taxes of $2,950. That is higher than the Ward County average of 1.075%.
What is the average home price in Minot?
The median owner-occupied home value in Minot, North Dakota is $254,400, against $259,100 across Ward County.
Is it cheaper to rent or buy in Minot?
Median gross rent in Minot is $928 a month, against $2,156 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 Minot?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Minot, North Dakota at today's rate takes a household income of roughly $92,500 a year. That covers the full $2,156 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Minot, 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.