The typical owner-occupied home in Elgin is worth about $103,000, 59% below the North Dakota median of $249,900 and 69% below the national median of $332,700. Owners pay a median $1,008 a year in property taxes, about 0.98% of their home's value, close to the North Dakota rate of 0.99%. The median household earns $35,188 a year, so the median home costs 2.9 times the median income (3.3 times for North Dakota). 68% of occupied homes here are lived in by their owners, and 36% of those owners still have a mortgage.
Elgin at a glance
| Elgin | North Dakota | U.S. | |
|---|---|---|---|
| Median home value | $103,000 | $249,900 | $332,700 |
| Median property tax paid per year | $1,008 | $2,468 | $3,119 |
| Property tax as a share of value | 0.98% | 0.99% | 0.94% |
| Median household income | $35,188 | $76,657 | $80,734 |
| Homes lived in by their owners | 68% | 63% | 65% |
| Owner homes with a mortgage | 36% | 52% | 61% |
| Median monthly costs, owners with a mortgage | $1,157 | $1,762 | $1,963 |
| Those costs as a share of the owners' income | 14.4% | 19.4% | 21.0% |
| Median rent | $650 | $954 | $1,413 |
| Rent as a share of renters' income | 37.5% | 25.0% | 30.6% |
| Median year homes were built | 1953 | 1982 | 1980 |
| Vacant homes | 24.8% | 12.3% | 10.1% |
| Population | 585 | 784,841 | 334,922,499 |
What a typical home costs per month in Elgin
At this week's average 30-year rate of 7.11%, buying the median Elgin home of $103,000 with 20% down costs about $681 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $853, 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 $29,200 for the 20%-down payment. That payment is 23% of the median Elgin household income of $35,188; at that income and 20% down, the 28% guideline points to a home of about $124,000.
The median rent here is $650 a month, so owning the median home costs about $31 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $20,600 |
|---|---|
| Loan amount | $82,400 |
| Principal and interest | $554 |
| Property taxes (0.98% a year) | $84 |
| Homeowners insurance (our estimate, 0.5% a year) | $43 |
| PMI | $0 |
| Total per month | $681 |
Change the numbers in the calculator
| Down payment | $3,605 |
|---|---|
| Loan amount | $101,134 |
| Principal and interest | $680 |
| Property taxes (0.98% a year) | $84 |
| Homeowners insurance (our estimate, 0.5% a year) | $43 |
| FHA mortgage insurance | $46 |
| Total per month | $853 |
Change the numbers in the calculator
Questions about home buying in Elgin
What is the median home value in Elgin?
About $103,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Elgin?
Homeowners pay a median $1,008 a year, which is about 0.98% 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 Elgin?
For the median home with 20% down at 7.11%, the payment is about $681 a month. Keeping that under 28% of gross income takes about $29,200 a year.
More about Elgin
- Mortgage Refinance in Elgin
- Debt Relief in Elgin
- Home Equity Loans in Elgin
- 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