Location: Duluth, MN | Metro: Duluth, MN-WI MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $191,703 | 0.58% | F |
| 3BR | $1,530 | $248,210 | 0.62% | D |
U.S. Census Bureau data (2024)
The ZIP code 55703, located in Angora, MN, within Saint Louis County, stands out due to its unique demographic and economic characteristics. With a population of 906 residents, only 6.5% of whom rent their homes, this area has a predominantly owner-occupied housing market. The median household income in Angora is $72,102, which is relatively high compared to the national average. Additionally, the median home value in the area is $198,264, indicating a robust real estate market.
When it comes to Section 8 voucher economics, Angora presents an interesting scenario. The Fair Market Rent (FMR) for ZIP 55703 for fiscal year 2024 is set at $980, while the Census ACS data indicates a market rent of $950. This suggests that landlords participating in the Section 8 program could potentially receive slightly higher rents than the current market rate, providing a modest incentive to accept vouchers.
The data signature for ZIP 55703 reads as stable. Despite the low percentage of renters, the higher-than-market FMR for Section 8 vouchers could attract some tenants who might otherwise be priced out of the local rental market. However, the limited number of renters means that the impact of these vouchers on the overall rental landscape is likely to be minimal. For landlords and small-portfolio investors, the key takeaway is that while there is a slight premium for accepting Section 8 vouchers, the primary market remains heavily skewed towards homeownership. This stability is beneficial for long-term planning and investment decisions.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.