BISMARCK, N.D. (KXNET) — North Dakota’s population is wealthier, younger, and more racially diverse.

That’s according to a statewide Housing Needs Assessment conducted by NDSU and the North Dakota Housing Finance Agency.

However, while there has been an increase in the number of households that earn more than $125,000 annually, the majority of North Dakota households earn less than $75,000.

And despite growth in incomes across the state during the past decade, there was little change in the state’s poverty rate.

Officials stated inflation has also played a big factor in the housing industry.

Supplies are costing more, which is causing the price of homes to go up.

And with the average price of a North Dakota home at $278,000, that’s a problem for 38% of households making under $50,000 a year.

“People with extremely low income are at the risk of homelessness,” said Dave Flohr, NDHFA executive director. “A car repair away, medical situation away to not being able to afford a place to live.”

The assessment projects the state’s population will increase by 1.3% by 2025.

Based on this estimate, the state would need to add an additional 9,000 housing units by 2025.