Minot, North Dakota Housing Market Prices
Minot Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 70% below the North Dakota median$37,404
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Median rent 1% below the North Dakota median$944
Housing Market Overview
| Metric | Minot | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $37,404 | $125,877 | $248,835 |
| Price Trend (Annual %) | -10.7% | 0.5% | 7.5% |
| Median Gross Rent | $944 | $953 | $1,407 |
| Rent Trend (Annual %) | 0.4% | 3.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Minot is about 70% lower than in North Dakota. Rent is about 1% lower than the North Dakota average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Home prices and rent are moving in opposite directions in Minot: home prices fell about 10.7% a year while rent rose about 0.4% a year. That is an unusual pattern worth watching.
Median rent in Minot rose about 9.8% between 2015 and 2024, from $860 to $944. Over the same span, rent in North Dakota rose about 34.4%.
Affordability
On average, housing unit costs 0.5 yearly household incomes in Minot.
Buying the median-priced home in Minot costs roughly 3.3 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 Minot. The price-to-rent ratio in North Dakota is about 11.0.
| Metric | Minot | North Dakota Avg | US Average |
|---|---|---|---|
| Median Home Price | $37,404 | $125,877 | $248,835 |
| Median Household Income | $75,539 | $76,862 | $80,455 |
| Price-to-Income Ratio | 0.5 | 1.6 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Minot fell about 71.3%, while median household income rose about 63.6% between 2009 and 2025 — 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 | Minot | North Dakota Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 52.4% | 55.2% | 58.5% |
| Rental Rate | 36.6% | 32.6% | 31.2% |
| Vacancy Rate | 11.1% | 12.3% | 10.2% |
| Median Tenure (years) | 10.0 | 14.0 | 15.0 |
| Median Year Moved In | 2016 | 2012 | 2011 |
Minot has a homeownership rate of 52.4%, lower than the North Dakota average of 55.2%. Its housing vacancy rate is 11.1%, compared with 12.3% in North Dakota.
Housing Stock
| Metric | Minot | North Dakota Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.21 people | 2.29 people | 2.53 people |
| Median Structure Built Year | 1982 | 1984 | 1978 |
| Median Number of Rooms | 5.3 | 5.7 | 5.5 |
The typical housing unit in Minot was built around 1982. On average, 2.2 people live in a home with about 5.3 rooms, staying for about 10.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Minot, North Dakota.
What is the median home price in Minot, North Dakota?
The median home price in Minot, North Dakota is $37,404, lower than the North Dakota average of $125,877.
What is the average home price in Minot, North Dakota?
The typical home price in Minot, North Dakota, reported as the median sale price, is $37,404. 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 Minot, North Dakota?
The median gross rent in Minot, North Dakota is $944 per month, lower than the North Dakota average of $953.
What was the median gross rent in Minot in 2020?
In 2020, the median gross rent in Minot, North Dakota was $866 per month.
What is the price-to-rent ratio in Minot, North Dakota?
The price-to-rent ratio in Minot, North Dakota is about 3.3, meaning it would take roughly 3.3 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 Minot.
Are home prices or rent rising faster in Minot, North Dakota?
Home prices and rent are moving in opposite directions in Minot: home prices fell about 10.7% a year while rent rose about 0.4% a year. That is an unusual pattern worth watching.
What is the homeownership rate in Minot, North Dakota?
52.4% of households in Minot, North Dakota own their home, lower than the North Dakota average of 55.2%.
What is the vacancy rate in Minot, North Dakota?
The housing vacancy rate in Minot, North Dakota is 11.1%, lower than the North Dakota average of 12.3%.
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