Grand Forks County is one of the best places to own a home in North Dakota, according to a recent survey.
The county ranked second in the state according to a study by financial technology company SmartAsset. The "breakeven" point, when the costs of renting are greater than the costs of buying, is 3.2 years in the county.
Grand Forks County is second to Golden Valley County, where the average home price is $241,867 and the "breakeven" point is 3.1 years. In Grand Forks County, the average home price is $284,263.
SmartAsset found that the average monthly mortgage payment, with a mortgage rate of 4.5 percent and a down payment of 20 percent, was less than the average monthly rent payment in the county.
The average monthly mortgage payment was calculated at $1,223, more than $20 less than the average rent payment at $1,246.
The study gathered data on average rents and home prices and compared renting to buying a home in every county in the United States.
Grand Forks County ranks 795 nationally. Saline County in the southern part of Illinois was ranked first.