# 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.

[Read full article](https://www.fastcompany.com/91193735/housing-market-what-fed-rate-cuts-will-actually-do?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-_nm9nCdKkRNvu6uHb-Oj_MHevbBny0zyg3GmWdJmo6ZfcNZjLMGPZGhD7XXrm6HHPhg_i4)

**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.

[Read full article](https://nypost.com/2024/06/26/business/housing-market-wont-bounce-back-until-2026-economists-predict-heres-why/?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-98J9VclPF2voPBvWkazFLY09dd5s4nbERm2DCK2xfTjq2DhcVtm3TG0A3DQb32A6LG3unn)

**States With the Largest Homeless Populations** (May 15, 2024 - US News)

In 2023, approximately 653,000 homeless individuals were reported in the U.S.

[Read full article](https://www.usnews.com/news/best-states/articles/states-with-the-most-homeless-people?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz--a4rsRpLbdj0rgcr1WOgq3zfiv--chzD5guiVN2jN7pkx10UAbVZN1gfTFkSbNNrEGVtMu)

**The Affordability Gap** (June 11, 2024 - NBC News)

The affordability gap nearing a 10-year high indicates growing challenges in the housing market.

[Read full article](https://www.nbcnews.com/data-graphics/housing-affordability-worst-and-costs-highest-rcna155285?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-98J9VclPF2voPBvWkazFLY09dd5s4nbERm2DCK2xfTjq2DhcVtm3TG0A3DQb32A6LG3unn)

**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.

[Read full article](https://www.washingtonpost.com/business/2024/07/28/homeless-lack-of-affordable-housing-economy/?utm_campaign=News%20digests%202024&utm_source=hs_email&utm_medium=email&_hsenc=p2ANqtz-9JiYMxP47t5wqM-8ciCUfuaPzeMB0KK-AZoUwExxwBUGgkJ0U0t5ZTkDXpGDesWDkACHvx)