Builders Patch | HousingCount: North Dakota affordable housing data and latest news
North Dakota
Summary
North Dakota state is facing challenges to housing affordability. For every 100 low-income renter households, there are 89 units available that are affordable to them. The median household income in the state is $42,081 whereas the median rent in the state is $764. Currently, the state is short over 3,227 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.
Statistical Overview:
- 37.0% share of renter households
- 40.5% share of low-income households
- 36.4% share of rent-burdened households
Renter Population Data
Renters vs Homeowners
| Households | % share |
|---|---|
| Renter households | 117,217 |
| Homeowner households | 199,325 |
| Total households | 316,542 |
Low-income Renter Households
| Income Group | Households | % share |
|---|---|---|
| Extremely low-income (≤30% AMI) | 15,567 | 13.3% |
| Very low-income (31-50% AMI) | 12,566 | 10.7% |
| Low-income (51-80% AMI) | 19,306 | 16.5% |
| All low-income (<80% AMI) | 47,439 | 40.5% |
Rent-Burdened Households
| Income Share | Households | % share |
|---|---|---|
| Moderately rent-burdened (30.0–34.9%) | 22,138 | 18.9% |
| 35.0–39.9% | 6,356 | 5.4% |
| 40.0-49.9% | 8,187 | 7.0% |
| Severely rent-burdened (≥50.0%) | 20,516 | 17.5% |
| All rent-burdened | 42,654 | 36.4% |
Affordable Housing Shortage
Rent vs Median Household Income
| Year | Median Household Income ($) | Median Rent ($) |
|---|---|---|
| 2010 | 26,734 | 486 |
| 2021 | 42,081 | 764 |
| Increase (2010–2021) | 57.4% | 57.2% |
Affordable Housing Stock
| Supply | Demand | Shortage |
|---|---|---|
| Supply (current stock) | 24,906 | 3,227 |
| Demand (total units needed) | 28,133 | |
| Total shortage | 3,227 | |
| Supply/Demand Ratio | 88.5% |
Housing News
How Fed Rate Cuts Impact the Housing Market (September 19, 2024 - Fast Company)
- Lower Mortgage Rates: Fed rate cuts have reduced the average 30-year mortgage rate, which dropped from a peak of 7.79% in late 2023 to around 6.2%.
- Home Sales: As rates decline, more homeowners might be encouraged to sell.
- Ongoing Supply Issues: Housing supply shortages will persist, especially in high-demand areas.
Housing Market Predictions (June 26, 2024 - New York Post)
Bank of America economists predict the US housing market won't recover until at least 2026.
States With the Largest Homeless Populations (May 15, 2024 - US News)
In 2023, approximately 653,000 homeless individuals were reported in the U.S.
The Affordability Gap (June 11, 2024 - NBC News)
The affordability gap nearing a 10-year high indicates growing challenges in the housing market.
Homelessness Worsening Among Workers (July 15, 2024 - The Washington Post)
Rising costs and a lack of affordable housing are pushing working-class individuals into homelessness.