Average Rent in Fargo, MN↓ Rents falling 0.7% YoY

Fargo, MN has rental prices ranging from $781/month to $1,845/month in 2027, depending on unit size. The typical 1-bedroom apartment rents for $903/month — 35% below the national average of $1,400/month. With a median household income of $75,523/year, spending $903/month on a 1-bedroom represents 14% of gross income — within the recommended 30% threshold.

How Fargo Compares

With an average 2-bedroom rent of $1,104/month, Fargo ranks #20 most expensive of the 76 cities tracked in Minnesota — pricier than 65% of all US cities in our data.

The Fargo Rental Market

The Fargo, MN area has a population of about 254,914 and 45% of households renting rather than owning. That renter share runs above the US average of ~34%, pointing to a competitive rental market where vacancies clear quickly and rents are less negotiable.

Rent Trends

2-bedroom rents in Fargo, MN have fallen by $8/month (0.7%) over the past year, from $1,112 to $1,104. Rents have remained relatively stable year over year, indicating a balanced rental market in the area.

Affordability

To afford a 1-bedroom apartment in Fargo, MN without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $36,120. The local median household income of $75,523 exceeds that threshold by $39,403, making Fargo relatively accessible compared to local wages.

Is Fargo, MN Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Fargo?

Break-even analysis and mortgage estimates based on local market data.

Living in Fargo

Cost of living, job market, crime rates, and moving cost estimates.