Cost of Living in Ray, ND

With a cost of living index of 78, Ray, ND is a very affordable place to live. Living here is 22% cheaper than the national average and 4% above the North Dakota state average of 74. Ray is a small community of 762 residents.

Housing costs are the biggest factor in Ray's cost of living. The median monthly rent is $971 (26% below the US median of $1,319), and the median home value sits at $211,500 (31% below the national median of $304,900). At current prices, the median home costs roughly 3x the median household income — well within traditional affordability guidelines.

The median household income in Ray is $69,792, which is 7% lower than the national median of $75,149. Residents spend roughly 17% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Ray. The area sees an average annual temperature of 41.7°F, with summers averaging 68°F and winters around 15°F. Annual rainfall totals 15.1 inches spread over roughly 100 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

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.