Location: Cook County, MN | Metro: Cook County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
U.S. Census Bureau data (2024)
The ZIP code 55615 stands out due to its unique demographic and economic characteristics. With only 379 residents, it is one of the smallest communities in terms of population size. Despite its small size, 23.0% of the residents rent their homes, indicating a notable demand for rental properties. The median income here is $61,042, which is relatively modest compared to the median home value of $437,105, suggesting that homeownership is a significant challenge for many residents.
Turning to the voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,390, while the current market rent based on Census ACS data is $1,240. This means that landlords participating in the Section 8 program can expect slightly higher rents compared to the general market, potentially providing an incentive for property owners to accept vouchers. However, the gap between the FMR and the actual market rent is narrow, indicating that the financial benefits of accepting Section 8 vouchers might not be substantial.
Based on the data, ZIP 55615 appears to be a stable community. The modest income levels combined with high home values suggest a steady reliance on rental markets, making Section 8 vouchers a viable option for tenants seeking affordable housing. Landlords should consider the potential for consistent tenancy and the government's backing when deciding whether to participate in the Section 8 program. Given the narrow difference between the FMR and market rent, the community seems to have a balanced approach to housing affordability, without significant signs of transition.
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.