Location: Itasca County, MN | Metro: Itasca County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
U.S. Census Bureau data (2024)
26.0% of residents in ZIP 55716 are renters, indicating a significant portion of the population that could benefit from Section 8 housing assistance. With a Fair Market Rent (FMR) set at $970 for the metro area in fiscal year 2026, landlords can expect to receive this amount per unit for eligible Section 8 tenants. The Census ACS reports a market rent of $645, which is notably lower than the FMR, suggesting that landlords participating in the Section 8 program can achieve higher rental incomes compared to the local market average. Despite the lack of specific data on median home values, the disparity between the market rent and FMR highlights the potential profitability for landlords. Furthermore, the median income of $43,036 provides context on the financial situation of the local population, underscoring the need for affordable housing options like those offered through Section 8. Although there is no available data on days on market (DOM) or the percentage of homes needing price cuts, the high renter share combined with the favorable FMR-to-market-rent ratio suggests a stable demand for rental properties in the area. Landlords and small-portfolio investors should consider the Section 8 program as a viable strategy to ensure steady occupancy rates while maintaining competitive rental income levels.
Based on the available data, the Section 8 program presents a solid investment opportunity in ZIP 55716, given the high renter share and favorable rental income potential.
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.