Location: Duluth, MN | Metro: Duluth, MN-WI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 54836 in fiscal year 2024 is set at $1030. This figure represents the payment standard that landlords will receive from the government for renting out a property under the Section 8 program. It is important to note that this amount is not the rent that tenants will pay; it is the maximum reimbursement rate from the housing authority.
In ZIP 54836, the local median rent is currently listed as N/A, which makes it difficult to directly compare with the FMR. However, the FMR serves as a benchmark for affordability in the area. Given the 4.0% renter share, we can infer that there is a significant demand for affordable housing options, making Section 8 properties attractive to potential tenants.
If you are considering acquiring a rental property in this area for use in the Section 8 program, the average cost of such a property is around $278,016. This investment would be partially covered by the monthly payments from the housing authority, based on the FMR of $1030.
Before proceeding with a Section 8 rental, it is crucial to verify that your property meets the housing quality standards set by the Department of Housing and Urban Development (HUD). These standards ensure that the property is safe, decent, and sanitary for tenants. Failure to meet these criteria could result in penalties or removal from the program.
To summarize, the FMR of $1030 in ZIP 54836 indicates the government's reimbursement limit for a Section 8 property. With a high renter share, there is strong demand for affordable housing, and an average acquisition cost of $278,016, the financials can work well for landlords. Ensure your property complies with HUD's quality standards to avoid any issues.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.