Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Bowman County | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $203,949 | $140,972 | $242,182 |
| Price Trend (Annual %) | 18.1% | 2.1% | 8.2% |
| Median Gross Rent | $868 | $934 | $1,342 |
| Rent Trend (Annual %) | 5.6% | 3.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Bowman County is about 45% higher than in North Dakota. Rent is about 7% lower than the North Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Bowman County, up about 18.1% and 5.6% a year respectively. Home prices are changing faster.
Median rent in Bowman County rose about 49.3% between 2015 and 2023, from $581 to $868. Over the same span, rent in North Dakota rose about 31.7%.
Affordability
On average, housing unit costs 2.5 yearly household incomes in Bowman County.
Buying the median-priced home in Bowman County costs roughly 19.6 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Bowman County. The price-to-rent ratio in North Dakota is about 12.6.
| Metric | Bowman County | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $203,949 | $140,972 | $242,182 |
| Median Household Income | $82,070 | $76,061 | $78,145 |
| Price-to-Income Ratio | 2.5 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Bowman County rose about 93.2%, while median household income rose about 75.9% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Bowman County | North Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 62.7% | 55.0% | 58.2% |
| Rental Rate | 12.8% | 31.7% | 31.3% |
| Vacancy Rate | 24.4% | 13.3% | 10.6% |
| Median Tenure (years) | 19.0 | 14.0 | 15.0 |
| Median Year Moved In | 2007 | 2012 | 2011 |
Bowman County has a homeownership rate of 62.7%, higher than the North Dakota average of 55.0%. Its housing vacancy rate is 24.4%, compared with 13.3% in North Dakota.
Housing Stock
| Metric | Bowman County | North Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.31 people | 2.54 people |
| Median Structure Built Year | 1968 | 1983 | 1978 |
| Median Number of Rooms | 6.3 | 5.7 | 5.5 |
The typical housing unit in Bowman County was built around 1968. On average, 2.3 people live in a home with about 6.3 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Bowman County, North Dakota.
What is the median home price in Bowman County, North Dakota?
The median home price in Bowman County, North Dakota is $203,949, higher than the North Dakota average of $140,972.
What is the average home price in Bowman County, North Dakota?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Bowman County, North Dakota?
The median gross rent in Bowman County, North Dakota is $868 per month, lower than the North Dakota average of $934.
What was the median gross rent in Bowman County in 2020?
In 2020, the median gross rent in Bowman County, North Dakota was $731 per month.
What is the price-to-rent ratio in Bowman County, North Dakota?
The price-to-rent ratio in Bowman County, North Dakota is about 19.6, meaning it would take roughly 19.6 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Bowman County.
Are home prices or rent rising faster in Bowman County, North Dakota?
Both home prices and rent are rising in Bowman County, up about 18.1% and 5.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Bowman County, North Dakota?
62.7% of households in Bowman County, North Dakota own their home, higher than the North Dakota average of 55.0%.
What is the vacancy rate in Bowman County, North Dakota?
The housing vacancy rate in Bowman County, North Dakota is 24.4%, higher than the North Dakota average of 13.3%.