Mortgage payment estimates, closing cost breakdowns, and homebuying data for Fargo, North Dakota.
Median Home Price
$285K
Population
126K
Avg Monthly Rent
$1,120
Property Tax Rate
0.98% *
* Property tax shown is the North Dakota state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Fargo.
Fargo vs North Dakota Median
The median home price in Fargo is $285,000, which is 12% above the North Dakota state median of $255,000.
Mortgage Calculator — Fargo, ND
Pre-filled with Fargo median home price and North Dakota tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $285K home using North Dakota's 0.98% tax rate and $2,100/yr insurance.
5% Down
$2,277/mo
Down: $14,250
Loan: $271K
P&I: $1,711
Tax: $233
Insurance: $175
PMI: $158
10% Down
$2,179/mo
Down: $28,500
Loan: $257K
P&I: $1,621
Tax: $233
Insurance: $175
PMI: $150
20% Down (No PMI)
$1,849/mo
Down: $57,000
Loan: $228K
P&I: $1,441
Tax: $233
Insurance: $175
Income needed (28% rule): $79K/year with 20% down, $93K/year with 10% down.
Rent vs Buy in Fargo
Rent
$1,120/mo
vs
Buy (10% down)
$2,179/mo
Price-to-rent ratio: 21.2 — At a ratio above 20, renting may be more economical in Fargo for shorter stays. Buying costs $1,059 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Fargo is $285,000, 12% above the North Dakota state median of $255,000. With a population of 125,990, Fargo is a mid-size city where home prices reflect strong demand and local economic factors.
Property taxes in North Dakota average 0.98% annually. This moderate property tax rate means a $285,000 home in Fargo would carry roughly $233/month in property taxes. Homeowners insurance in North Dakota runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Fargo is $1,120/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Fargo presents moderate affordability. The $285K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Fargo.