Bismarck has been nationally recognized by LendEDU as one of the fastest-growing U.S. cities that is still affordable for homebuyers.
When I moved to Bismarck permanently in the Fall of 2011, there was a bit of a housing crunch. It was on the back side of the unprecedented flooding on the Missouri River and across the rest of the state that Spring. Needless to say, housing was in high demand and there wasn't very much inventory available, driving up prices.
That was followed by a boom in the oil patch, which saw a boom in population. Families working in the patch were moving to Bismarck for the opportunities that spouses and children had here and the school district saw unprecedented growth, 400+ kids being added every year. Again, that meant that housing was in high demand. At one point, there were only 36 homes available in Bismarck and Mandan (single family, twin homes, condos, town houses and manufactured homes).
Despite all of that, our builders have kept building and our realtors rolled up their sleeves and kept finding homes to meet the needs of our growing community. That's why receiving recognition such as this is a testament to everyone working to keep our housing market affordable.
Using data for over 25,000 cities, they first found the 1,000 U.S. cities that are projected to grow the fastest over the next five years. We they ranked those 1,000 cities according to each one's median monthly home cost, which includes mortgage payments plus utilities.
Specifically, Bismarck is projected to grow by 14.78% over the next five years and the median monthly home cost in Bismarck is $1,561, which means it's still very affordable despite its trendiness on the real estate market. The cities on the list, like Bismarck, are not only the fastest growing in the entire country but are also still very affordable for home buyers that plan on taking out a mortgage, which makes them terrific locations to purchase a home, start a family, and eventually turn a profit on the home when it’s time to sell.
Residents of Bismarck should be proud of this accomplishment.