Western ND Housing Shortage: Another Consequence

As we have reported in numerous stories over the past two years, housing continues to be in short supply in western North Dakota where the Bakken oil formation has drawn thousands of workers, many of them oilfield workers living in modular man camps. As originationnews tells MHProNews, community banks in the area have grown three times faster than the national average in two years, and in order to keep up with growth, some banks sought permission from the state banking regulators to buy homes for new employees. Regulators approved the request providing the banks sell their properties when no longer needed. One bank initially asked for approval to spend up to $300,000 for a home, but had to up that to $400,000 because the housing shortage is so critical.

(Photo credit: Alana Semuels/LATimes–Watford City, ND)

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