Location: Lake County, MN | Metro: Lake County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $2,280 |
| 5 Bedrooms | $2,645 |
| 6 Bedrooms | $2,962 |
| 7 Bedrooms | $3,199 |
| 8 Bedrooms | $3,359 |
U.S. Census Bureau data (2024)
The ZIP code 55609, located within the Lake County, MN metro, presents a unique profile when compared to typical ZIP codes in the area. Its Fair Market Rent (FMR) for FY 2024 stands at $1190, which is a critical figure for landlords and investors considering the Federal Housing Administration's guidelines for rental assistance. However, the market rent data is not available, making direct comparisons challenging without additional context.
The median home value in 55609 is listed at $415,185, indicating that this ZIP code is likely on the higher end of the price spectrum within Lake County. This suggests that 55609 could be considered a premium sub-market, where property values exceed the average for the county.
A notable point of interest is the 0.0% renter share in 55609. This statistic implies that virtually all residents in this ZIP code are homeowners rather than renters. Such a low renter share diverges significantly from what might be expected in a typical Section 8 analysis, where higher renter shares often indicate areas with greater demand for affordable housing options.
In contrast to a value pocket, which would typically feature lower home values and higher renter shares, or a mid-tier neighborhood with moderate home values and a balanced mix of homeowners and renters, 55609 leans towards being a premium sub-market due to its high home values and near-zero renter share. The absence of market rent data means we cannot definitively state how competitive or attractive the area is for Section 8 participants, but the high FMR suggests that it may not be an ideal location for those seeking affordable rentals.
Given the specific figures provided, landlords and investors should consider the implications of a predominantly owner-occupied ZIP code with limited rental inventory. While the high home values suggest strong property appreciation potential, the lack of rental activity may present challenges for those specifically targeting the rental market, especially through programs like Section 8.
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.