Location: Rice County, MN | Metro: Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,160 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,250 |
| 4 Bedrooms | $2,750 |
| 5 Bedrooms | $3,190 |
| 6 Bedrooms | $3,573 |
| 7 Bedrooms | $3,859 |
| 8 Bedrooms | $4,052 |
U.S. Census Bureau data (2024)
The ZIP code 55018 stands out within the county due to its unique mix of low rental occupancy and high median income. With only 16.9% of residents renting, this area has a predominantly owner-occupied housing stock, reflecting a strong sense of permanence among its 969 residents. The median income of $83,854 suggests that most households are financially stable, capable of supporting higher living costs such as those associated with owning a home valued at a median of $444,012.
In terms of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 55018 in fiscal year 2024 is set at $1,710. This figure is notably higher than the actual market rent, which averages $1,288 according to the Census Bureau's American Community Survey (ACS). Landlords and small-portfolio investors should take note that while the FMR provides a buffer against market fluctuations, it also means they could potentially receive more rent than the typical market rate when participating in the Section 8 program.
The data signature for ZIP 55018 reads as relatively stable. A high median income combined with a low percentage of renters indicates that the majority of the population is well-established and financially secure. The significant difference between the FMR and the market rent presents an opportunity for landlords who can navigate the administrative aspects of the Section 8 program. However, the overall stability of the area means that there is less likelihood of rapid changes in the housing market, making it a reliable but perhaps less dynamic investment location compared to transitional areas with higher rental rates and greater demographic flux.
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.