Cost of Living in Minot, ND

With a cost of living index of 80, Minot, ND is a very affordable place to live. Living here is 20% cheaper than the national average and 6% above the North Dakota state average of 74. With a population of 47,922, Minot is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Minot's cost of living. The median monthly rent is $928 (30% below the US median of $1,319), and the median home value sits at $254,400 (17% below the national median of $304,900). At current prices, the median home costs roughly 3.3x the median household income — a moderately affordable ratio by today's standards.

The median household income in Minot is $77,431, which is 3% higher than the national median of $75,149. Residents spend roughly 14% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Minot. The area sees an average annual temperature of 43.4°F, with summers averaging 69°F and winters around 16°F. Annual rainfall totals 16.7 inches spread over roughly 87 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Minot, ND (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.