Buying a Home in North Dakota: What You Need to Know
If you're considering buying a home in North Dakota, understanding the true cost of homeownership is essential. Beyond your mortgage payment, North Dakota homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses North Dakota-specific data to give you accurate monthly payment estimates.
North Dakota Property Taxes
North Dakota has an effective property tax rate of 0.94%, ranking #19 out of 50 states (where #1 is the highest). On a median-priced home of $281,000, you'd pay approximately $2,641 per year in property taxes, or about $220/month.
North Dakota's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
North Dakota Homeowners Insurance
The average annual homeowners insurance premium in North Dakota is $2,776 for $300,000 in dwelling coverage, or about $231/month.
North Dakota's insurance costs are moderate compared to national averages. You may be able to lower your premium by increasing your deductible, bundling with auto insurance, or installing security systems.
North Dakota Closing Costs
Closing costs in North Dakota average 0.69% of the home's purchase price. On a $281,000 home, that's approximately $1,939. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
North Dakota Housing Market
The median home price in North Dakota is $281,000. This is below the national median of approximately $410,000, making North Dakota one of the more affordable states for homebuyers. First-time buyers may find more options within their budget here.
More North Dakota Mortgage Tools
Use these additional calculators to plan your North Dakota home purchase: