Section 8 Fair Market Rent (FMR) for ZIP 55713 - 2027
Location: Duluth, MN | Metro: Duluth, MN-WI MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $840 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$59,036
Housing Authorities Serving ZIP 55713
- 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 skepticism around investing in ZIP code 55713 (Buhl, MN) can be addressed with specific data points. Let's tackle the concerns one by one.
- Will FMR $1090 (zip FY 2024) cover the mortgage on a $127,878 home?: According to recent data, the median home value in Buhl, MN, is approximately $117,700. Assuming a 20% down payment, a mortgage on a $127,878 home would likely fall within the range of what the Fair Market Rent (FMR) of $1090 can cover, especially considering the lower-than-average home values in the area. However, the exact amount will depend on interest rates and loan terms, which are not specified here. Generally, though, the FMR should provide sufficient coverage.
- Is there enough renter demand at 19.5%?: The rental vacancy rate in ZIP 55713 is 19.5%, which is higher than the national average but still indicates that over 80% of rental properties are occupied. This suggests that there is a reasonable level of demand for rentals. Furthermore, the typical rent for a 2-bedroom apartment is between $750 and $999 per month, indicating a market where rental properties are affordable and likely in demand.
- Will vouchers keep pace with $1,043 market rents?: The Fair Market Rent (FMR) in Buhl, MN, for FY 2024 is set at $1090. If market rents are at $1,043, vouchers should theoretically cover this amount since it is below the FMR. However, the actual availability and usage of vouchers can vary widely based on local conditions and the specific requirements of voucher recipients. It is important to note that while vouchers can help cover rents, they do not guarantee occupancy.
In conclusion, the data shows that while there are some challenges, such as a slightly higher-than-average rental vacancy rate, the overall environment in ZIP 55713 supports the feasibility of covering mortgage payments with FMRs and aligning with market rents. Vouchers are a viable option for helping tenants afford rent, but their impact on occupancy must be considered.
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.