According to the 2009 American Community Survey (latest available), approximately one in three housing units in North Dakota was owner-occupied with a mortgage (32 percent). Only two states (New York and West Virginia), along with the District of Columbia, had smaller proportions in 2009.

This month’s “Economic Brief,” a monthly publication from the North Dakota State Data Center at North Dakota State University, focuses on characteristics of housing units that are owner-occupied and hold a mortgage.

“The reason for North Dakota’s relatively low proportion of housing units made up of homeowners with a mortgage is twofold,” says Richard Rathge, State Data Center director. “First, we rank second highest in the nation, behind West Virginia, in the proportion of homeowners who fully own their home. Second, we rank 11th highest in the nation in the proportion of homes that are rentals (30 percent).”

The median value of owner-occupied housing with a mortgage in North Dakota was $134,700 in 2009 (ninth lowest). Approximately one in five of these units held a second mortgage and/or a home equity loan (19 percent), compared with one in four nationally (25 percent).

The median household income for owner-occupied housing with a mortgage in North Dakota was $72,794 in 2009, which is similar to the national median of $74,082.

Nearly one in five owner-occupied housing units with a mortgage in North Dakota had a housing value three times the household income in 2009 (18 percent). This ratio was the lowest in the nation in 2009.

Median monthly housing costs for owner-occupied units with a mortgage in North Dakota were $1,131 in 2009 (ninth lowest), while median real estate taxes were $2,105, compared with $2,232 nationally.

NDSU Agriculture Communication - Oct. 11, 2011