304 4th St NE · $379,900
Why This Home? How Does It Compare?
Buying a home is a big decision, and right now many buyers are wondering whether it makes sense at all. Here are the honest numbers, with sources, so you can decide for yourself.
You're not the only one asking
In Bank of America's 2026 Homebuyer Insights survey of 2,000 Americans, prices and rates were the top worries. Even so, more people said they'd rather buy than rent.
Source: Bank of America 2026 Homebuyer Insights Report, released June 23, 2026.
Are mortgage rates really high? Compared to what?
Today's rates feel high because many of us remember the pandemic years, when rates fell below 3%. Those rates were the exception. Over the last 40 years, the 30-year fixed rate averaged about 6.44%.
30-year fixed mortgage rate, yearly average, 1986–2025
Hover or tap the chart to see each year.
Yearly averages of Freddie Mac's weekly Primary Mortgage Market Survey. The record weekly low was 2.65% in January 2021. The October 29, 2026 point is that week's average, not a yearly figure.
Don't expect 2021 to come back.
The 3% rates of 2020 and 2021 were a once-in-a-lifetime exception, not a normal rate you can expect to see again. Rates can change at any Fed meeting, and nobody can promise they'll fall. What you can lock in today is this price, this house and a payment you know.
Waiting has a cost, too. The typical first-time buyer is now 40 years old, the oldest on record, and first-time buyers are a record-low 21% of the market (NAR, 2025).
Why now is the right time for this home
- Title work has already started, so closing can move quickly.
- It's inspected and move-in ready, with a new 2025 roof and gutters and no projects to tackle in spring.
- You can close before the holidays and spend winter in your own home, with a heated garage.
Renting vs. owning this home: an honest look
Here's an example. It assumes $15,000 down on a conventional loan at 7.24%, the October 29, 2026 national average. That rate is not a quote, and your numbers will differ.
| Owning 304 4th St NE (example) | Per month |
|---|---|
| Principal & interest ($364,900 loan, 30 years) | $2,487 |
| Mortgage insurance (est.; removable later) | $152 |
| Property taxes (2025, before credits) | $194 |
| Special assessments (2025 installment) | $128 |
| Homeowners insurance (est.) | $200 |
| Estimated total | $3,161 |
| Renting in Mandan | Per month |
|---|---|
| 4-bedroom house, typical range | $2,236–$2,600 |
| 4-bedroom townhouse | $2,745 |
Rents from Zumper, checked November 3, 2026.
In this example, owning costs more each month than renting. But additional cost of ownership obscures some striking advantages:
- Equity. About $3,539 of your payments go to principal in the first year, and about $20,547 over the first five years. That's money you keep, not rent you’ll never see again.
- A payment that stays put. Principal and interest on a fixed-rate loan don't change. Taxes and insurance can.
- Room to grow. A heated and cooled two-car garage and shop, a 10,500 sq ft fenced lot, and a private lower-level suite. That's hard to find in any rental.
- Options with the suite. It has rented for about $1,500 a month to traveling healthcare workers. Renting the suite is a choice, not a requirement, and your lender decides whether any of it counts toward qualifying.
- Help that renters don't get. Eligible owner-occupants can apply for North Dakota's primary residence property tax credit, and first-time buyers may qualify for down payment assistance.
What $379,900 buys here
- 3 bedrooms plus a private lower-level suite
- Top-to-bottom professional remodel
- Full inspection completed October 2026
- New roof and gutters in 2025
- Heated and cooled two-car garage and shop
- 10,500 sq ft lot, fenced, landscaped and irrigated
- Newly rebuilt street, water and sewer mains
- Original hand-crafted cedar siding and leaded glass
- Walk to downtown Mandan
That works out to about $166 per finished square foot, based on 2,285 finished sq ft in county records, including the lower level.
What would it cost to recreate this?
Picture starting with a typical 3-bedroom house and adding what this one already has:
- A heated and cooled two-car garage with a separate workshop
- A private suite with its own kitchen, bath, laundry and entrance
- A remodeled kitchen and baths
- A big fenced yard with irrigation, landscaping and a patio
Get a quote on any one of those and compare it with the price difference. Here, it's all done.
Sources
- Bank of America: 2026 Homebuyer Insights Report (June 23, 2026)
- Freddie Mac Primary Mortgage Market Survey and FRED: 30-Year Fixed Rate Mortgage Average
- NAR: First-time buyer share falls to historic low of 21%, median age rises to 40
- Zumper: Houses for rent in Mandan, ND
- North Dakota Office of State Tax Commissioner: Primary Residence Credit
For illustration only. Not a loan offer, rate quote or commitment. Rents, rates and programs change; buyers should verify all figures.