March 20, 2003

 

N.D. Housing Values Lag Behind National Median

The median value of a specified owner-occupied housing unit in North Dakota totaled $74,400 in 2000, 62 percent below the national median of $119,600, according to the recent Economic Brief released from the North Dakota State Data Center at North Dakota State University.

Specified owner-occupied housing units include only one-family houses on less than 10 acres without a business or medical office on the property. The data exclude mobile homes and housing units in multi-unit buildings. Data include 1-family condominium houses but not condominiums in multi-unit structures. Value represents the estimated amount the property and lot would sell for if they were for sale. Median value is the exact center value of the distribution; one-half of homes are valued above median and one-half fall below the median.

"The deflated property values in North Dakota reflect the lower demand for housing brought on by the continued loss of residents mainly due to out-migration. This is especially true for much of rural North Dakota. On the other hand, very affordable housing offers economic developers in the state a very important incentive to attract people to North Dakota," said Richard Rathge, Director of the State Data Center.

During the last decade, the median value of housing in North Dakota rose 47 percent, up from $50,700 in 1990. Nationally, the median value rose 53 percent, up from $78,300 in 1990.

North Dakota had the fifth lowest median value for specified owner-occupied housing units in the nation. Only four other states had lower median values (West Virginia, Arkansas, Mississippi, and Oklahoma). In 2000, the highest median values in North Dakota were reported in Burleigh, Cass, Grand Forks, and Ward counties ($98,900, $98,400, $92,800, and $79,500, respectively).

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Source: Richard Rathge, (701) 231-8621, richard.rathge@ndsu.nodak.edu
Editor: Tom Jirik, (701) 231-9629, tjirik@ndsuext.nodak.edu

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