Mortgage payment estimates, closing cost breakdowns, and homebuying data for Minot, North Dakota.
Median Home Price
$255K
Population
50K
Avg Monthly Rent
$1,020
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 Minot.
Minot vs North Dakota Median
The median home price in Minot is $255,000, which is roughly in line with the North Dakota state median of $255,000.
Mortgage Calculator — Minot, ND
Pre-filled with Minot median home price and North Dakota tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $255K home using North Dakota's 0.98% tax rate and $2,100/yr insurance.
5% Down
$2,056/mo
Down: $12,750
Loan: $242K
P&I: $1,531
Tax: $208
Insurance: $175
PMI: $141
10% Down
$1,968/mo
Down: $25,500
Loan: $230K
P&I: $1,451
Tax: $208
Insurance: $175
PMI: $134
20% Down (No PMI)
$1,673/mo
Down: $51,000
Loan: $204K
P&I: $1,289
Tax: $208
Insurance: $175
Income needed (28% rule): $72K/year with 20% down, $84K/year with 10% down.
Rent vs Buy in Minot
Rent
$1,020/mo
vs
Buy (10% down)
$1,968/mo
Price-to-rent ratio: 20.8 — At a ratio above 20, renting may be more economical in Minot for shorter stays. Buying costs $948 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 Minot is $255,000, roughly in line with the North Dakota state median of $255,000. With a population of 49,788, Minot is a smaller market 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 $255,000 home in Minot would carry roughly $208/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 Minot is $1,020/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.
Minot presents moderate affordability. The $255K 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 Minot.