The typical owner-occupied home in Palermo is worth about $43,300, 83% below the North Dakota median of $249,900 and 87% below the national median of $332,700. The median household earns $36,429 a year, so the median home costs 1.2 times the median income (3.3 times for North Dakota). 52% of occupied homes here are lived in by their owners, and 13% of those owners still have a mortgage.
Palermo at a glance
| Palermo | North Dakota | U.S. | |
|---|---|---|---|
| Median home value | $43,300 | $249,900 | $332,700 |
| Median property tax paid per year | – | $2,468 | $3,119 |
| Median household income | $36,429 | $76,657 | $80,734 |
| Homes lived in by their owners | 52% | 63% | 65% |
| Owner homes with a mortgage | 13% | 52% | 61% |
| Median monthly costs, owners with a mortgage | – | $1,762 | $1,963 |
| Median rent | $1,094 | $954 | $1,413 |
| Rent as a share of renters' income | 26.3% | 25.0% | 30.6% |
| Median year homes were built | 1957 | 1982 | 1980 |
| Vacant homes | 18.3% | 12.3% | 10.1% |
| Population | 129 | 784,841 | 334,922,499 |
What a typical home costs per month in Palermo
At this week's average 30-year rate of 7.11%, buying the median Palermo home of $43,300 with 20% down costs about $291 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $363, 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 $12,461 for the 20%-down payment. That payment is 10% of the median Palermo household income of $36,429; at that income and 20% down, the 28% guideline points to a home of about $127,000.
The median rent here is $1,094 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $8,660 |
|---|---|
| Loan amount | $34,640 |
| Principal and interest | $233 |
| Property taxes (1.10% a year) | $40 |
| Homeowners insurance (our estimate, 0.5% a year) | $18 |
| PMI | $0 |
| Total per month | $291 |
Change the numbers in the calculator
| Down payment | $1,516 |
|---|---|
| Loan amount | $42,516 |
| Principal and interest | $286 |
| Property taxes (1.10% a year) | $40 |
| Homeowners insurance (our estimate, 0.5% a year) | $18 |
| FHA mortgage insurance | $19 |
| Total per month | $363 |
Change the numbers in the calculator
Questions about home buying in Palermo
What is the median home value in Palermo?
About $43,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
What income do you need to buy a home in Palermo?
For the median home with 20% down at 7.11%, the payment is about $291 a month. Keeping that under 28% of gross income takes about $12,461 a year.
More about Palermo
- Mortgage Refinance in Palermo
- Debt Relief in Palermo
- Home Equity Loans in Palermo
- 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