North Dakota named best in country for renters but still seeing inflation impacts on housing market

Photo by: WDAY Radio File (Canva)
Photo by: WDAY Radio File (Canva)

(Bismarck, ND) -- North Dakota is seeing good news when it comes to renters, and bad when it comes to houses.

North Dakota is the best state in the country when it comes to renting. A new Consumer Affairs study showed North Dakotans have the lowest rent-to-income ratio in the U.S. The average rent in the state is $853, which translates to roughly a quarter of residents' average monthly income. Plenty of rental properties are available too, as North Dakota has the highest vacancy rate at over 12%. You can learn more by clicking here.

However, the North Dakota housing market is still feeling the impact of high inflation rates.

Inventory issues continue to weigh on the market. Currently, demand for homes priced $300,000 dollars or more is far exceeding the availability of such homes. Homeowners who were priced in at rates of 2.5 - 3% are not likely to be selling any time soon, which creates the inventory problem.   

The North Dakota Department of Health and Human Services assists prospective renters and homeowners who are struggling to make payments. You can learn more by clicking here