By Jamie Cattanach

(Last Updated – November 4, 2024)

Those who know North Dakota well know that it’s a hidden gem. No other state can boast an official nickname like the Peace Garden State — a sweetness compounded by the fact that North Dakota is the nation’s leading producer of honey. North Dakota stands apart when it comes to cost of living, too. This northern Great Plains state offers affordability coupled with a stunning rural landscape and a few metropolitan options, like Fargo and Bismarck. Below, a breakdown of specific costs related to living in North Dakota for your consideration.

What’s the Average Cost of Living in North Dakota?

Average Cost of Living in North Dakota: $52,631 per year

According to the Missouri Economic Research and Information Center (MERIC) , which publishes a quarterly cost-of-living index by state, the overall cost of living in North Dakota is just 91.3% of the U.S. average as of the second quarter of 2024.

While most of the Midwestern and Great Plains states enjoy a lower-than-average cost of living, North Dakota is less expensive than many of its neighbors, including Montana (where the cost of living is 94.7% of the U.S. average) and Minnesota (95.3%). South Dakota is just a smidge more affordable at 91.2% of the U.S. average.

The trend can also be seen in individual expense categories as outlined below. The government’s Bureau of Economic Analysis (BEA) reports that the average cost of living in North Dakota is $52,631. Compared to the U.S. averages, the BEA analysis shows that North Dakotans spend substantially less on housing, food, and energy costs — though the state’s average yearly health care cost is about $2,000 higher than the national figure.

Housing Costs in North Dakota

Average Housing Costs in North Dakota: $696 to $1,653 per month

The typical home value in North Dakota is about $265,368. Translation: Those looking to become first-time homeowners might do well to turn their attention to North Dakota. It’s a lot easier to save a down payment for a home that’s far less than the national average home value of around $360,000.

The state is equipped with 380,841 housing units, per the latest Census data, 63.2% of which are owner-occupied. That means about 140,149 rental units are available for those who aren’t yet ready to take out a .

Better yet, those rentals offer substantially more affordable rates than the U.S. average, where the median gross rent is $1,300. Here’s the breakdown based on home size:

•  Median monthly mortgage cost: $1,653

•  Studio rent: $696

•  1-bedroom rent: $725

•  2-bedroom rent: $870

•  3-bedroom rent: $1,138

•  4-bedroom rent: $1,182

•  5-bedroom rent: $1,272

•  Median gross rent: $863

While, of course, your specific housing costs will vary depending on where in the state you live, even in Bismarck, the state’s capital, average home prices substantially undercut the national median. Here are the costs you can expect in eight major North Dakota cities, whether you’re buying your first home or looking for a retirement spot.

Utility Costs in North Dakota

Average Utility Costs in North Dakota: $299 per month

Once you’ve got the housing bill paid, it’s time to make sure the lights are on and the water is flowing. Here’s a breakdown of the average monthly utilities bill in North Dakota — though of course your mileage will vary depending on the size of your home, the number of people in your household, and your usage.

Groceries & Food

Average Grocery & Food Costs in North Dakota: $306 per person, per month

North Dakotans spend an average of $3,676 each year on food, which breaks down to about $306 per month, per person. That means a family of four could expect to spend about $1,225 per month on groceries (with some wiggle room depending on the ages and appetites of your loved ones).

Of course, individual prices do vary a bit by city. Below, find the grocery item index costs for four major North Dakota population centers. (Note: Even Fargo, the state’s most metropolitan city with a population of over 133,000, enjoys a lower-than-national-average food cost.)

Transportation

Average Transportation Costs in North Dakota: $10,769 to $18,044 per year

While North Dakota’s rolling plains and stunning hills are part of what make it such a dreamy place to live, the state’s rural sensibilities can also mean a lot of driving — which means higher transportation costs.

It’s hard to get around under that big, wide-open sky without a vehicle of your own, and costs like gas, insurance, and car payments can quickly add up. Obviously, families with children can expect to spend more than single adults or child-free couples. (Fortunately, all those drives are bound to be scenic.)

Health Care

Average Health Care Costs in North Dakota: $10,494 per person, per year

North Dakotans can expect to spend about $10,494 per person, per year on healthcare related costs. That’s admittedly higher than the U.S. average of $8,331 — perhaps because a less populous state tends to have fewer available care providers, driving up demand and prices.

Recommended: The Different Types of Home Mortgage Loans

Child Care

Average Child Care Costs in North Dakota: $677 to $1,140 or more per child, per month

Ask any parent and they’ll be quick to tell you: Child care isn’t cheap. Parents in North Dakota might expect to spend $819 per month on an in-home nanny, or $1,140 for infant child care in a classroom setting..

That said, these costs are still more affordable than in neighboring states. In Minnesota, for example, the infant classroom cost skyrockets to $1,658 per month, and home-based family child care is $1,239 per child on average. In Montana, too, prices are higher for every type of care except an infant classroom.

Taxes

Highest Marginal Tax Rate in North Dakota: 2.50%

One nice break North Dakotans can expect in April: The state boasts one of the lowest top marginal individual income tax rates in the country, topping out at just 2.50%. (Compare that, for example, to Kansas’s middle-of-the-road 5.70%, or California’s sky-high 13.30%.)

That said, South Dakota does have a one-up on its northerly neighbor in this regard: There’s no state income tax to speak of in Mount Rushmore’s homeland.

Recommended: The Mortgage Preapproval Process

Miscellaneous Costs

According to the BEA, after taking care of basic bills, the average North Dakotan spends about ​​$29,978 per year on other personal costs. Those might include:

•  An annual membership to the International Peace Garden (from which North Dakota gets its official state nickname): $50

•  A standard pass to Theodore Roosevelt National Park, where the whole family can see the buffalo roam: $30 per vehicle, valid for seven consecutive days

•  Admission to the Fargo Air Museum for a family of four (one three-year-old child and one seven-year-old): $40

How Much Money Do You Need to Live Comfortably in North Dakota?

“Comfortable” is a spectrum, and different people have vastly differing ideas about what constitutes a comfortable life. That said, North Dakota ranks eighth in the nation in terms of affordability according to U.S. News & World Report, and 6th for cost of living by state specifically. So it’s certainly one of the best affordable places in the U.S. If you’re going to live in the United States, there aren’t too many other states in which it’s possible to do so more cheaply.

The BEA estimates North Dakotans’ annual total personal expenditures at around $52,631. That means if you earn the national median household income ($75,149), you should be in a fairly good position to live a comfortable life while still affording to save for future goals.

What City Has the Lowest Cost of Living in North Dakota?

While North Dakota as a whole enjoys a lower cost of living than the U.S. average, some cities in the state are even more affordable than others. Of the metropolitan areas studied, our data shows that Minot enjoys the lowest cost of living, with an index of just 90.3% of the U.S. average.

A city of 48,377, Minot is located just northwest of the very center of the state, and is also home to an Air Force Base. As such, it’s also home to the Dakota Territory Air Museum as well as the Roosevelt Zoo, which is home to 90 species and more than 200 individual animals., Affordable picks in North Dakota are below:

Helpful Resources for Future North Dakota Residents

By Rebecca Safier

A credit score of 692 is in the “good” credit score range of 670 to 739. Having good credit can make it easier to qualify for loans and credit cards. However, some lenders prefer scores of 700 or higher. While you won’t necessarily have trouble getting approved for loan products with a credit score of 692, you may not receive the best rates a lender offers.

Learn what a 692 credit score means and how it impacts the types of loans and credit cards you can get.

What Does a 692 Credit Score Mean?

Credit scores are calculated using credit scoring models like FICO. The higher your score, typically, the more creditworthy you are to lenders. A FICO score of 692 is considered good since it falls within the good range of 670 to 739.

FICO® credit scores range from 300 to 850 and break down into the following tiers:

A 692 credit score is slightly below the national average score, which is 717 as of March 2024. But because it’s in the good range, lenders look at it more favorably than a fair or poor credit score.

There are a number of factors that make up your credit score, including your history of loan payments, credit utilization, length of credit history, and credit mix. Making on-time payments on your loans is especially important to maintaining a good credit score; payment history accounts for 35% of your FICO score. Late payments can drag down your score and make you a risky candidate to prospective lenders.

What Else Can You Get With a 692 Credit Score?

With a credit score of 692, you should qualify for loans like mortgages and personal loans and credit cards. However, you likely won’t get the lower interest rates, higher loan amounts, and credit card perks that you would if you had a very good or exceptional score.

Here’s what you might expect when trying to get a credit card, auto loan, mortgage, or personal loan with a credit score of 692.

Can I Get a Credit Card With a 692 Credit Score?

You should be able to qualify for most credit cards with a 692 credit score. However, you may not have access to the very best credit card benefits, such as cards with a 0% introductory APR on purchases, balance transfer offers, or generous welcome bonuses.

Credit card companies don’t look solely at your credit score when evaluating your application for a credit card. They also take into account other financial factors, such as your income, employment, and debt-to-income ratio. Having a strong track record in other areas can help make up for a credit score that’s below the national average.

If you open a credit card, try to keep your credit utilization ratio below 30% to maintain your score. That means using less than 30% of the amount of credit that’s available to you. And if possible, pay off your balance each month to avoid interest charges.

Can I Get an Auto Loan With a 692 Credit Score?

You can qualify for an auto loan with a 692 credit score, as long as you can meet the rest of the lender’s requirements. You probably won’t get the lowest interest rates, however, as those rates are reserved for borrowers with very good and exceptional credit.

Here’s a closer look at average car loan rates by credit score tier as of mid-2024, according to Experian. A 692 credit score falls into the “prime” category, while “super prime” is 720 and above. As you can see, a higher credit score can save you quite a bit of money on interest on a car loan.

Before choosing an auto loan, shop around with multiple lenders to find the best offer. You may have the option of prequalifying for car loans, which won’t impact your credit. If you can’t prequalify, try to keep your applications and hard credit inquiries to a short period of time, generally no longer than 14 to 45 days, to minimize damage to your credit score. Keeping it within this timeframe typically means that credit checks from multiple lenders count as one credit inquiry.

Can I Get a Mortgage With a 692 Credit Score?

A 692 credit score is sufficient to qualify for a mortgage. Mortgage providers typically require a credit score of 620 or higher to qualify for a conventional mortgage. There are lots of other factors that go into mortgage approval, including your income, employment, debt-to-income ratio, and down payment amount.

Prospective homebuyers can also explore FHA loans, which are guaranteed by the Federal Housing Administration. These loans permit down payments as low 3.5% and can have more flexible underwriting requirements than conventional mortgages. On the downside, though, FHA loans require you to pay mortgage insurance premiums for at least 11 years.

Can I Get a Personal Loan With a 692 Credit Score?

You should be able to qualify for a personal loan from most lenders with a 692 credit score.

Personal loans are one of the most flexible ways to borrow money without the high interest rates that come with credit cards. You can use personal loans for virtually any purpose, including using them as credit card consolidation loans.

Depending on the lender, you may be able to qualify for a personal loan up to $50,000 or $100,000 with a 692 credit score. And because your credit score falls in the good range, you may not be charged an origination fee on the loan. As with other types of loans, personal loan lenders look at other factors in addition to your credit score when evaluating your loan application.

A 692 credit score means you may not get a lender’s lowest rates, but you also won’t get the highest rates. Prequalify for a personal loan with multiple lenders to find the most affordable option with competitive rates.

When comparing offers, use a personal loan calculator to estimate your monthly payments and the long-term costs of borrowing.

The Takeaway

A 692 credit score is considered a good score, so you should be able to qualify for various types of loans, including personal loans, and credit cards. At the same time, a score of 692 falls below the national average. Building your score to 700 and above could help you qualify for better interest rates.

Some ways to build your credit include paying your bills on time, reducing your credit utilization by using less credit than what’s available to you, keeping old credit card accounts open (since the age of your accounts makes up 15% of your credit score), and checking your credit report regularly to correct any errors.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

By Rebecca Safier

FICO® credit scores range from 300 to 850 and are categorized into five tiers: poor, fair, good, very good, and exceptional. A credit score of 628 falls into the “fair” category, which ranges from 580 to 669. Although fair is a step up from poor, it can still be a red flag to lenders and make it challenging to qualify for unsecured loans and credit cards. If you have a 628 credit score, here’s a closer look at what it means and how it can limit your options for credit.

What Does a 628 Credit Score Mean?

A 628 credit score means you have a fair credit score on the FICO scoring range. It’s below the average credit score among Americans, which was 717 as of March 2024.

Your credit score is based on the following factors:

•   Your history of debt payments (35%)

•   The amount of debt you owe (30%)

•   The length of your credit history (15%)

•   Your credit mix (10%)

•   New credit (10%)

Because a 628 credit score is on the low side, it suggests that you may have made financial missteps in your past. For instance, you might have a history of late payments on a loan, a thin credit mix or history, or a high credit utilization ratio.

To learn why you have fair credit, you may want to look over your credit reports. You can get a free copy of your credit report from each of the three major credit bureaus — Experian®, TransUnion®, and Equifax® — by visiting AnnualCreditReport.com.

What Else Can You Get with a 628 Credit Score?

Lenders prefer a good credit score or better, so having a score of 628 could make it harder to get approved for a credit card or loan, such as a mortgage, auto loan, or personal loan. That doesn’t necessarily mean you’re out of options, but you’ll probably have to shop around and could end up with higher interest rates and fees than someone with stronger credit.

Can I Get a Credit Card with a 628 Credit Score?

You should be able to qualify for a credit card with a 628 credit score, but you may not qualify for the best credit card offers. Your options may be limited to a basic credit card or store credit card that doesn’t come with add-on perks like cash back or travel rewards. The card may also come with high interest rates and an annual fee.

An alternative option is opening a secured credit card, which can help you build credit. A secured credit card requires an upfront cash deposit that also acts as your credit limit. The credit card company will report your payments to the credit bureaus, so paying on time can positively impact your credit profile over time.

Can I Get an Auto Loan with a 628 Credit Score?

You can likely qualify for an auto loan with a 628 credit score, but you may face high interest rates. According to Experian’s State of the Automotive Finance Market report for the second quarter of 2024, consumers with fair credit paid nearly double the interest rate for both new and used car loans compared to borrowers with exceptional credit.

To get the best possible rate on an auto loan with a 628 credit score, it’s a good idea to shop around with multiple lenders, including banks, credit unions, and online lenders. Also consider making a larger down payment — at least 20% of the car’s purchase price. This decreases the amount you need to borrow and lowers the lender’s risk, which can result in a lower rate.

If you’re still seeing high rates, you might look into asking a family member or trusted friend with an excellent credit score to cosign your auto loan. Just keep in mind that your cosigner will be responsible for repayment if you run into trouble making your payments.

Can I Get a Mortgage with a 628 Credit Score?

You generally need a minimum credit score of 620 to qualify for a conventional mortgage, so you should be able to get approved with a 628 credit score. However, the lender may require you to have a lower debt-to-income ratio and higher down payment than someone with a stronger credit score. Plus, you’ll face higher interest rates than someone with good or exceptional credit.

You can also qualify for an FHA loan with a 628 credit score. An FHA loan is guaranteed by the Federal Housing Administration and accepts a minimum down payment of 3.5% as long as your credit score is 580 or higher. Because these loans are backed by the government, they are typically easier to qualify for than conventional loans. However, they have one-time and ongoing mortgage insurance payment requirements, as well as upper limits on loan amounts.

Can I Get a Personal Loan with a 628 Credit Score?

You can get a personal loan from some lenders with a 628 credit score, but likely won’t get the lowest interest rate available. Lenders that offer personal loans for fair credit may also charge an origination fee, which is deducted from your loan amount. In addition, they may offer lower loan amounts and shorter terms compared to loans for borrowers with good or better credit.

However, your credit score isn’t the only factor lenders consider when you apply for a personal loan. They will also look closely at your income and current debt load to determine whether or not you qualify for a loan and, if so, what the rates and terms they will offer.

You can get an idea of what type of personal loan or credit card consolidation loan you can get by prequalifying with several lenders. This process usually takes just a few minutes and involves a soft credit check, which won’t affect your credit score. Adding a co-borrower or collateral to your application may help you qualify or get a lower rate.

If you’re looking to consolidate high-interest credit card debt, using an online personal loan calculator can help you estimate potential interest savings and give you a clearer picture of your options.

The Takeaway

You can qualify for loans and credit cards with a 628 credit score, but you’ll have a shorter list of lenders available to you. Plus, you may end up with high rates and fees that will add to your costs of borrowing.

If you don’t have an immediate need for a loan, consider taking some time to build your credit before you apply. Some simple moves — like always paying your bills on time, paying down credit card balances, and taking out a credit-builder loan or secured credit card — can help you access lending products with lower rates in the future.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

By Jennifer Calonia

(Last Updated – 06/2024)

A 697 credit score is considered a “good” credit score, which means you shouldn’t have trouble qualifying for new credit, like a consumer loan or credit card. However, a 697 score falls below the top two FICO^® credit tiers — “very good” and “exceptional” — so you likely won’t qualify for a lender’s best interest rates or loan terms.

With a 697 score, lenders will see you as an average risk, since your score isn’t far off from the the average consumer credit score in the U.S., which is 717. Learn more about what a 697 credit score means and what it can get you.

What Does a 697 Credit Score Mean?

Your credit score tells lenders how much risk you pose as a borrower. Generally ranging from 300 to 850, credit scores are calculated using information from your credit reports. Although many people think they have only one credit score, we actually have several. The reason is that credit scores can be calculated using different credit reports and different scoring models, such as FICO, VantageScore^®, or a lender’s proprietary algorithm. Each scoring model has its own standard for what qualifies as “good.”

In the FICO scoring model, which is the one most commonly used, a 697 score means you’re right in the middle — not the best, but not the worst. Here’s the breakdown:

•   Exceptional: 800-850

•   Very Good: 740-799

•   Good: 670-739

•   Fair: 580-669

•   Poor: 300-579

A 697 credit score is also considered “good” in the VantageScore model:

•   Excellent: 781-850

•   Good: 661-780

•   Fair: 601-660

•   Poor: 500-600

•   Very Poor: 300-499

A 697 score tells a lender that you generally pay your bills on time and manage your credit responsibly. You may have a “good” rather than “very good” or “excellent” credit rating either because you’re new to credit or because you’ve made a few missteps, such as late payments, in the past.

What Else Can You Get With a 697 Credit Score?

The most direct advantage of a 697 credit score is that it tells creditors that you’re generally a reliable borrower who is likely to repay their debt. In turn, creditors may be more willing to offer you good interest rates and borrowing terms to gain your business.

With a good credit score like 697, you might experience benefits in other areas of your life. For example, a landlord might favor your rental application over applicants with fair or poor credit because they see you have a decent track record for paying your bills. You might also be able to sign up for a new utility account without a deposit requirement, or qualify for a better insurance rate thanks to your 697 score.

A future employer might check your credit to find out whether you have a compromised financial situation, particularly for jobs that involve finances or require security clearance. A 697 credit score means you likely don’t have any major red flags in your credit reports.

Can I Get a Credit Card With a 697 Credit Score?

Whether you’re looking for a new cash back credit card, travel rewards card, or retail credit card, a 697 FICO score can help you qualify. You might even qualify for a 0% interest credit card.

Despite having a “good” credit rating, however, you might not qualify for a credit card issuer’s lowest annual percentage rate (APR). The best rates are typically reserved for applicants who have exceptional credit. Similarly, a 697 credit score might not be enough to qualify for the most premium rewards cards on the market.

Your credit score isn’t the only factor that card issuers evaluate, however. Other application details, like your employment status and income, can determine whether you can get a particular credit card.

Can I Get an Auto Loan With a 697 Credit Score?

With a 697 credit score, there’s a good chance you’ll qualify for an auto loan with a decent rate. But you likely won’t be offered a lender’s most competitive APR.

According to Experian’s State of Finance Market Report from the fourth quarter of 2023, the average new auto loan rate for “prime” borrowers (with a 661-780 VantageScore) was 7.01%. By comparison, borrowers who were considered “super prime” (with a 781-850 VantageScore) received the best rates on a new car loan, averaging 5.64% APR; “nonprime” borrowers (with a 601-660 VantageScore), on average, received a 9.60% APR rate.

Can I Get a Mortgage With a 697 Credit Score?

A 697 credit score is a good score to have when applying for a mortgage loan. According to Experian, 29% of individuals with a 697 FICO score have a mortgage loan in their credit portfolio.

Generally, conventional mortgage lenders have a minimum credit score requirement of 640. Although you might qualify for a conventional home loan with a 697 score, you likely won’t receive the most competitive mortgage rates. Here’s a look at the average 30-year fixed mortgage APRs for a $400,000 mortgage loan across all FICO score ratings as of ​​June 4, 2024.

Can I Get a Personal Loan With a 697 Credit Score?

Whether you’re looking for a personal loan to cover a large expense, such as a vacation, wedding, home upgrade/repair, or specifically a personal loan that can be used as credit card consolidation loan, a 697 credit score can help you qualify. You likely won’t be able to get the best personal loan rates and terms on the market, though. To qualify for a lender’s lowest rates and highest loan amounts, you typically need a credit score of at least 800.

To put this into perspective, the average personal loan rate for borrowers with good credit (690-719) is 14.87%. For borrowers with excellent credit (720-850), the average APR for a personal loan is 12.37%.

The interest rate you’ll pay for a personal loan doesn’t rest solely on your credit score, however. Lenders will typically also look at your income, employment history, and debt-to-income ratio (DTI). Since most personal loans are unsecured, you don’t need any collateral (like a car or a home) for approval.

Takeaway

A 697 credit score is a good credit score. It’s higher than the minimum score many lenders require for different types of lending products, including credit cards, auto loans, mortgages, and personal loans.

That said, there’s still room for improvement, since a 697 score is right in the middle of FICO’s credit tiers, below “very good” and “exceptional” credit. Building your credit — by making on-time credit payments, catching up on past-due accounts, and paying down revolving account balances — can help improve your credit profile and allow you to access lending products with lower rates in the future.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.