Location: Lake County, MN | Metro: Lake County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 55603 in fiscal year 2024 is set at $960. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not necessarily the rent you will receive; it's the payment standard used by the program to determine the subsidy amount.
In comparison, the average market rent for ZIP 55603, according to the latest Census American Community Survey (ACS), is $675. This means that the Section 8 voucher program offers a higher payment standard than the typical market rent in the area, which could be beneficial for landlords looking to cover costs and maintain profitability.
The renter share in ZIP 55603 is 10.0%, indicating that there is a moderate demand for rental properties. While this percentage may seem low, it translates into a significant number of potential tenants who could benefit from the Section 8 program.
When acquiring a property for a Section 8 rental, the median home value in ZIP 55603 is around $235,332. This is the average price you might expect to pay for a property in this area. However, the actual cost can vary depending on the condition and location of the property.
To ensure a successful Section 8 rental, one critical step is to verify that the property meets the Housing Quality Standards (HQS). These standards are set by the U.S. Department of Housing and Urban Development (HUD) and must be met before a tenant with a voucher can move in. The HQS inspection covers safety, health, and structural issues, ensuring that the property is habitable and up to code.
In summary, the FMR of $960 provides a clear guideline for the maximum rent you can charge under Section 8. With an average market rent of $675, there is potential for above-average income. Given the median home value of $235,332, it's feasible to acquire a property that can generate a reasonable return on investment. Before proceeding, make sure your property passes the HQS inspection to avoid delays and ensure compliance with the program requirements.
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.