U.S. home sales skyrocketed during the COVID-19 pandemic, hitting a 15-year high of 6.1 million in 2021. The spike in demand, coupled with declining inventory, have put upward pressure on housing prices. Renters have not been spared, as housing has become one of the key drivers of surging U.S. inflation.
According to the Economic Policy Institute, a nonprofit think tank, a family of four – two adults and two children – can expect to pay an estimated $15,031 on housing in 2022. This amount varies across the country, however, from state to state and city to city.
Of the three metro areas in North Dakota, Fargo has the lowest housing costs. According to the EPI’s Family Budget Calculator, a modest two-bedroom rental in the metro area will cost an estimated $10,476 in 2022, including utilities.
Though Fargo has the least expensive multi-bedroom rental market of any metro area in North Dakota, housing costs are still higher than the statewide average. Across North Dakota, the average cost of a comparable apartment stands at an estimated $10,236.
Rent prices often reflect the overall real estate market in a given area, and this pattern appears to hold in Fargo. Just as rents in the area are higher than the statewide average, so too, are home values. According to five-year estimates from the U.S. Census Bureau’s American Community Survey, the typical home in the metro area is worth $225,600, compared to the median home value of $199,900 across the state.
| State | Metro area with lowest rental cost | Est. 2-bedroom rental cost, 2022, metro area ($) | Est. 2-bedroom rental cost, 2022, statewide ($) | Median home value, metro area ($) | Median home value, statewide ($) |
|---|---|---|---|---|---|
| Alabama | Dothan | 8,472 | 9,784 | 131,600 | 149,600 |
| Alaska | Anchorage | 14,640 | 14,566 | 301,100 | 275,600 |
| Arizona | Sierra Vista-Douglas | 10,488 | 13,875 | 150,100 | 242,000 |
| Arkansas | Fort Smith | 8,736 | 8,993 | 119,500 | 133,600 |
| California | Visalia | 11,508 | 23,734 | 223,600 | 538,500 |
| Colorado | Pueblo | 10,032 | 17,157 | 172,500 | 369,900 |
| Connecticut | Norwich-New London | 14,724 | 17,127 | 246,800 | 279,700 |
| Delaware | Dover | 12,792 | 14,037 | 226,600 | 258,300 |
| Florida | Sebring-Avon Park | 10,452 | 15,232 | 120,500 | 232,000 |
| Georgia | Dalton | 9,036 | 12,152 | 136,800 | 190,200 |
| Hawaii | Kahului-Wailuku-Lahaina | 21,264 | 23,335 | 657,400 | 636,400 |
| Idaho | Pocatello | 9,384 | 10,791 | 165,800 | 235,600 |
| Illinois | Decatur | 9,264 | 13,692 | 103,100 | 202,100 |
| Indiana | Kokomo | 8,784 | 10,331 | 113,900 | 148,900 |
| Iowa | Davenport-Moline-Rock Island | 9,408 | 9,802 | 141,600 | 153,900 |
| Kansas | Topeka | 9,612 | 10,740 | 137,900 | 157,600 |
| Kentucky | Owensboro | 9,852 | 9,687 | 139,300 | 147,100 |
| Louisiana | Monroe | 9,648 | 11,046 | 134,500 | 168,100 |
| Maine | Lewiston-Auburn | 11,364 | 13,104 | 166,600 | 198,000 |
| Maryland | Cumberland | 8,808 | 17,840 | 131,300 | 325,400 |
| Massachusetts | Springfield | 13,548 | 22,294 | 236,200 | 398,800 |
| Michigan | Bay City | 9,312 | 11,467 | 106,400 | 162,600 |
| Minnesota | St. Cloud | 9,852 | 13,486 | 192,100 | 235,700 |
| Mississippi | Gulfport-Biloxi | 9,720 | 9,546 | 153,600 | 125,500 |
| Missouri | Jefferson City | 8,136 | 10,344 | 162,100 | 163,600 |
| Montana | Great Falls | 9,696 | 10,972 | 184,400 | 244,900 |
| Nebraska | Lincoln | 10,512 | 10,551 | 188,700 | 164,000 |
| Nevada | Carson City | 12,276 | 13,543 | 299,900 | 290,200 |
| New Hampshire | Manchester-Nashua | 15,768 | 15,267 | 287,900 | 272,300 |
| New Jersey | Vineland-Bridgeton | 16,236 | 19,811 | 166,400 | 343,500 |
| New Mexico | Las Cruces | 8,808 | 10,784 | 153,600 | 175,700 |
| New York | Utica-Rome | 9,552 | 20,092 | 127,000 | 325,000 |
| North Carolina | Hickory-Lenoir-Morganton | 8,316 | 11,360 | 139,100 | 182,100 |
| North Dakota | Fargo | 10,476 | 10,236 | 225,600 | 199,900 |
| Ohio | Mansfield | 8,808 | 10,324 | 115,100 | 151,400 |
| Oklahoma | Lawton | 9,072 | 10,059 | 121,500 | 142,400 |
| Oregon | Medford | 12,468 | 15,607 | 294,500 | 336,700 |
| Pennsylvania | Johnstown | 8,688 | 12,412 | 94,900 | 187,500 |
| Rhode Island | Providence-Warwick | 13,776 | 14,502 | 290,500 | 276,600 |
| South Carolina | Florence | 9,708 | 11,096 | 125,100 | 170,100 |
| South Dakota | Sioux Falls | 10,488 | 9,670 | 208,400 | 174,600 |
| Tennessee | Kingsport-Bristol | 8,412 | 10,906 | 140,800 | 177,600 |
| Texas | McAllen-Edinburg-Mission | 8,868 | 13,475 | 90,000 | 187,200 |
| Utah | Logan | 9,384 | 12,508 | 252,800 | 305,400 |
| Vermont | Burlington-South Burlington | 19,536 | 14,321 | 285,200 | 230,900 |
| Virginia | Lynchburg | 9,408 | 15,870 | 173,900 | 282,800 |
| Washington | Spokane-Spokane Valley | 12,084 | 17,824 | 243,000 | 366,800 |
| West Virginia | Weirton-Steubenville | 8,808 | 9,133 | 95,400 | 123,200 |
| Wisconsin | Oshkosh-Neenah | 9,108 | 10,970 | 158,400 | 189,200 |
| Wyoming | Casper | 10,416 | 10,423 | 215,400 | 228,000 |
