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 | Burke County | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $31,250 | $140,972 | $242,182 |
| Price Trend (Annual %) | -12.7% | 2.1% | 8.2% |
| Median Gross Rent | $724 | $934 | $1,342 |
| Rent Trend (Annual %) | -1.0% | 3.5% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Burke County is about 78% lower than in North Dakota. Rent is about 22% 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 falling in Burke County, down about 12.7% and 1.0% a year respectively. Home prices are changing faster.
Median rent in Burke County rose about 11.5% between 2015 and 2023, from $650 to $725. Over the same span, rent in North Dakota rose about 31.7%.
Affordability
On average, housing unit costs 0.3 yearly household incomes in Burke County.
Buying the median-priced home in Burke County costs roughly 3.6 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Burke County. The price-to-rent ratio in North Dakota is about 12.6.
| Metric | Burke County | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $31,250 | $140,972 | $242,182 |
| Median Household Income | $96,686 | $76,061 | $78,145 |
| Price-to-Income Ratio | 0.3 | 1.9 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Burke County fell about 61.9%, while median household income rose about 99.9% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Burke County | North Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 51.8% | 55.0% | 58.2% |
| Rental Rate | 14.5% | 31.7% | 31.3% |
| Vacancy Rate | 33.6% | 13.3% | 10.6% |
| Median Tenure (years) | 19.0 | 14.0 | 15.0 |
| Median Year Moved In | 2007 | 2012 | 2011 |
Burke County has a homeownership rate of 51.8%, lower than the North Dakota average of 55.0%. Its housing vacancy rate is 33.6%, compared with 13.3% in North Dakota.
Housing Stock
| Metric | Burke County | North Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.32 people | 2.31 people | 2.54 people |
| Median Structure Built Year | 1969 | 1983 | 1978 |
| Median Number of Rooms | 6.0 | 5.7 | 5.5 |
The typical housing unit in Burke County was built around 1969. On average, 2.3 people live in a home with about 6.0 rooms, staying for about 19.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Burke County, North Dakota.
What is the median home price in Burke County, North Dakota?
The median home price in Burke County, North Dakota is $31,250, lower than the North Dakota average of $140,972.
What is the average home price in Burke 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 Burke County, North Dakota?
The median gross rent in Burke County, North Dakota is $725 per month, lower than the North Dakota average of $934.
What was the median gross rent in Burke County in 2020?
In 2020, the median gross rent in Burke County, North Dakota was $681 per month.
What is the price-to-rent ratio in Burke County, North Dakota?
The price-to-rent ratio in Burke County, North Dakota is about 3.6, meaning it would take roughly 3.6 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Burke County.
Are home prices or rent rising faster in Burke County, North Dakota?
Both home prices and rent are falling in Burke County, down about 12.7% and 1.0% a year respectively. Home prices are changing faster.
What is the homeownership rate in Burke County, North Dakota?
51.8% of households in Burke County, North Dakota own their home, lower than the North Dakota average of 55.0%.
What is the vacancy rate in Burke County, North Dakota?
The housing vacancy rate in Burke County, North Dakota is 33.6%, higher than the North Dakota average of 13.3%.