Section 8 Fair Market Rent (FMR) for ZIP 55710 - 2027

Location: Duluth, MN | Metro: Duluth, MN-WI MSA

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,362

Median Household Income

$86,477

Housing Units

811

Renter Percentage

2.4%

Occupancy Rate

71.4%

Renter Occupied

Housing Authorities Serving ZIP 55710

HRA of DULUTH, MINNESOTA (Duluth, MN) - 2,180 Section 8 vouchers
HRA of VIRGINIA, MINNESOTA (Virginia, MN) - 587 Section 8 vouchers
THE HRA OF HIBBING, MINNESOTA (Hibbing, MN)
HRA of ELY, MINNESOTA (Ely, MN)
HRA of CHISHOLM, MINNESOTA (Chisholm, MN)
HRA OF COOK, MINNESOTA (Cook, MN)
HRA OF GILBERT, MINNESOTA (Gilbert, MN)
HRA of EVELETH, MINNESOTA (Eveleth, MN)

The ZIP code 55710, encompassing Mountain Iron, Minnesota, presents a unique real estate landscape characterized by modest rental activity and a strong homeownership preference. The following analysis delves into key metrics that can inform investment decisions in this area.

The Fair Market Rent (FMR) for a one-bedroom apartment in ZIP 55710 for fiscal year 2024 is set at $980.
Market rent data is currently unavailable for ZIP 55710, indicating a lack of robust rental market statistics.
The median home value in the area stands at $255,027, reflecting the overall housing affordability.
Rental properties account for only 2.4% of the total housing stock, suggesting a strong preference for homeownership over renting.
The Days on Market (DOM) figure is not available, which could imply a stable housing market with little fluctuation in property listings.
The median household income in ZIP 55710 is $86,477, providing insight into the economic stability and purchasing power of local residents.

In summary, while the rental market in Mountain Iron, MN, is relatively small, with a low share of renters and limited market rent data, the area benefits from a stable economy and moderate home values. For investors, focusing on homeownership opportunities or developing rental properties that meet the FMR standards could be strategic, given the high median income that supports both buying and renting activities. However, the low demand for rentals means that any such investments should be carefully considered against the broader homeownership trends.

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.