Velva, ND
Population 997 · North Dakota
About Velva, ND
Velva is a small community located in North Dakota with a population of 997 residents according to the latest US Census Bureau American Community Survey data. The median household income is $81,354 per year, which is 8% above the national median of $75,149. The median age of 35.1 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in Velva features a median home value of $208,700, which is 15% below the national median of $244,900. This positions Velva in a moderately priced market relative to the rest of the country. Median monthly rent is $755, 35% below the national average of $1,163/month. Of the 448 total housing units, 76% are owner-occupied (287 units) and 24% are renter-occupied (93 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Velva shows an unemployment rate of 1.6%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 8.9%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Velva have an average one-way commute time of 22.7 minutes.
Education & Demographics
20.1% of Velva residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 1.8% White, 3.2% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.4% of the population being foreign-born.
How Velva Ranks in North Dakota
Cost of Living in Velva, ND
Compared to national averages, Velva has a median household income of $81,354 (8% above the national median of $75,149). Home values average $208,700, which is 15% below the national median. Monthly rent at $755 is 35% below the US average of $1,163. Within North Dakota, Velva's income is 12% above the state average of $72,691, and home values are 50% above the state median of $139,496.
Why Live in Velva, ND?
Velva offers a strong local economy with a median household income of $81,354, well above the national average, and affordable housing with a median home value of $208,700, below the US average of $244,900, and rent that’s lower than the national average at $755/month. Additionally, the city features a strong job market with an unemployment rate of just 1.6%, and a low poverty rate of 8.9%, better than the national average, and short commute times averaging just 22.7 minutes.
Velva has a population of 997 with a median age of 35.1 years. Compare Velva with other cities to see how it stacks up, or explore all cities in North Dakota.
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Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Velva
What is the population of Velva, ND?
The population of Velva, ND is 997 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in North Dakota.
What is the median household income in Velva?
The median household income in Velva, ND is $81,354 per year, which is 8% above the national median of $75,149.
What is the median home value in Velva?
The median home value in Velva, ND is $208,700, which is 15% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Velva?
The median monthly rent in Velva, ND is $755, which is 35% below the national average of $1,163/month.
What is the unemployment rate in Velva?
The unemployment rate in Velva, ND is 1.6%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Velva, ND a good place to live?
Velva offers above-average incomes, affordable housing, and a strong job market. With a population of 997 and a median age of 35.1, the city appeals to a broad range of residents.
How educated is Velva, ND?
20.1% of residents in Velva aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Velva?
Key cost-of-living indicators for Velva, ND: median home value is $208,700 (15% below national), median rent is $755/month, and median household income is $81,354. The home-value-to-income ratio is 2.6x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Velva?
The poverty rate in Velva, ND is 8.9%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Velva, ND?
Velva's population is 1.8% White, 3.2% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 0.0% two or more races. 0.4% of residents are foreign-born.