The typical owner-occupied home in Fargo is worth about $281,900, 13% above the North Dakota median of $249,900 and 15% below the national median of $332,700. Owners pay a median $3,492 a year in property taxes, about 1.24% of their home's value, higher than the North Dakota rate of 0.99%. The median household earns $66,998 a year, so the median home costs 4.2 times the median income (3.3 times for North Dakota). 44% of occupied homes here are lived in by their owners, and 64% of those owners still have a mortgage.
Fargo at a glance
| Fargo | North Dakota | U.S. | |
|---|---|---|---|
| Median home value | $281,900 | $249,900 | $332,700 |
| Median property tax paid per year | $3,492 | $2,468 | $3,119 |
| Property tax as a share of value | 1.24% | 0.99% | 0.94% |
| Median household income | $66,998 | $76,657 | $80,734 |
| Homes lived in by their owners | 44% | 63% | 65% |
| Owner homes with a mortgage | 64% | 52% | 61% |
| Median monthly costs, owners with a mortgage | $1,767 | $1,762 | $1,963 |
| Those costs as a share of the owners' income | 20.2% | 19.4% | 21.0% |
| Median rent | $946 | $954 | $1,413 |
| Rent as a share of renters' income | 26.3% | 25.0% | 30.6% |
| Median year homes were built | 1991 | 1982 | 1980 |
| Vacant homes | 6.0% | 12.3% | 10.1% |
| Population | 131,627 | 784,841 | 334,922,499 |
What a typical home costs per month in Fargo
At this week's average 30-year rate of 7.11%, buying the median Fargo home of $281,900 with 20% down costs about $1,926 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $2,395, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $82,536 for the 20%-down payment. That payment is 34% of the median Fargo household income of $66,998; at that income and 20% down, the 28% guideline points to a home of about $229,000.
The median rent here is $946 a month, so owning the median home costs about $980 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $56,380 |
|---|---|
| Loan amount | $225,520 |
| Principal and interest | $1,517 |
| Property taxes (1.24% a year) | $291 |
| Homeowners insurance (our estimate, 0.5% a year) | $117 |
| PMI | $0 |
| Total per month | $1,926 |
Change the numbers in the calculator
| Down payment | $9,866 |
|---|---|
| Loan amount | $276,794 |
| Principal and interest | $1,862 |
| Property taxes (1.24% a year) | $291 |
| Homeowners insurance (our estimate, 0.5% a year) | $117 |
| FHA mortgage insurance | $125 |
| Total per month | $2,395 |
Change the numbers in the calculator
Questions about home buying in Fargo
What is the median home value in Fargo?
About $281,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Fargo?
Homeowners pay a median $3,492 a year, which is about 1.24% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Fargo?
For the median home with 20% down at 7.11%, the payment is about $1,926 a month. Keeping that under 28% of gross income takes about $82,536 a year.
More about Fargo
- Mortgage Refinance in Fargo
- Debt Relief in Fargo
- Home Equity Loans in Fargo
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data