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Cost of Living in Fargo

Is it better to rent or buy in Fargo? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$72,798
$968/mo

Median in area: $968

$271,177

Median in area: $271,177

$54,235

If you Rent

🔑
$1,113 /mo
Base Rent$968
Est. Utilities$145
% of Income18.3%
Pre-tax Residual$4,954

If you Buy

🏠
$1,966 /mo
P&I (6.907%)$1,430
Taxes & Ins$391
Est. Utilities$145
% of Income32.4%
Pre-tax Residual$4,101

Cost of Living FAQs

Is it cheaper to rent or buy in Fargo?›

Based on median housing data, renting is currently more affordable on a monthly basis in Fargo. The estimated all-in monthly cost for renting is $1,113, while owning a median-priced home with a 20% down payment is roughly $1,966 per month (a difference of $853).

How much do utilities cost in Fargo?›

The average monthly utility cost (electricity and natural gas) for a typical home in Fargo is approximately $145. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Fargo?›

To comfortably afford the median rent and utilities in Fargo without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $44,520 per year.