Fargo, ND-MN
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.66×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs North Dakota
- 3.52×
- vs U.S.
- 3.43×
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
17.7%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs North Dakota
- 17.7%=
- vs U.S.
- 23.3%-5.6
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
3.14%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs North Dakota
- 3.14%=
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.15%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs North Dakota
- 0.11%+0.04
- vs U.S.
- 0.03%+0.13
Benchmark
IRS net migration ÷ population
strong
Permit pipeline
5.96
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs North Dakota
- 2.97+2.99
- vs U.S.
- 3.52+2.44
Benchmark
Census BPS permits TTM ÷ population × 1,000
very tight labor market
Unemployment
2.8%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs North Dakota
- 2.7%
- vs U.S.
- 3.9%-1.1
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+34.6%
homeValues.yearOverYear
+2.4%
Median home value
$276,600
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $917 | $11,004 | 14.6% |
| 2 BR | $1,112 | $13,344 | 17.7% |
| 3 BR | $1,547 | $18,564 | 24.6% |
Labor market direction
Unemployment
2.8%
Median household income
$75,523
What's being built
Total TTM
1,500
+7.7% YoY
Single-family
828
2–4 unit
16
5+ unit
656
All 2 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Cass County | 186,328 | $284,700 | $75,023 | 1,171 | +2.2% |
| Clay County | 65,307 | $256,000 | $77,664 | 329 | +27.5% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Fargo | 251,635 | $75,523 | 3.66× | 3.14% | +34.6% | 5.96 | 2.8% |
| Daphne-Fairhope-Foley, AL | 233,420 | $75,019 | — | — | +56.8% | — | 2.1% |
| Kalamazoo-Portage, MI | 261,426 | $70,525 | — | — | +50.0% | — | 4.2% |
| Tyler, TX | 234,667 | $71,923 | — | — | +47.7% | — | 4.3% |
| Cedar Rapids, IA | 275,693 | $77,084 | — | — | +38.5% | — | 3.4% |
| Yakima, WA | 256,143 | $68,015 | — | — | +46.4% | — | 7.1% |
Where people are moving in from
Net migration
+388
+0.15% of population
| Origin county | Tax returns |
|---|---|
| Clay County, MN | 939 |
| Cass County, ND | 837 |
| Grand Forks County, ND | 382 |
| Otter Tail County, MN | 257 |
| Burleigh County, ND | 222 |
| Hennepin County, MN | 219 |
Who lives in Fargo
- Median age
- 33
- Bachelor's+
- 42.2%
- Owner-occupancy
- 55.5%
- Vacancy rate
- 6.2%
- Rent burdened (30%+)
- 39.8%
- Median household income
- $75,523
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.