Section 8 Fair Market Rent (FMR) for ZIP 55719 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 55719

• 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 55719, encompassing Chisholm, Minnesota, presents a unique opportunity for real-estate investors interested in the rental market. Nestled in Itasca County, this area offers a blend of rural charm and accessibility to larger urban centers, making it attractive for both long-term residents and transient renters.

• The Fair Market Rent (FMR) for a one-bedroom apartment in ZIP 55719 for fiscal year 2024 is set at $980. This figure represents the upper limit that HUD will pay for rental assistance under the Section 8 program.
• The average market rent for properties in this ZIP code, according to the latest Census American Community Survey (ACS), stands at $731. This suggests that there is room for growth in rental pricing without exceeding the FMR threshold.
• The median home value in Chisholm is $129,873. This relatively low value indicates a cost-effective entry point for property acquisition, especially for small-portfolio investors looking to diversify their holdings.
• Renters make up 23.6% of the population in ZIP 55719, indicating a moderate demand for rental properties. This percentage aligns with the broader trend of increasing rental demand across many Midwestern towns.
• The median household income in Chisholm is $53,647. This provides insight into the financial capacity of potential tenants, suggesting that they are likely able to afford rents close to the FMR but may be price-sensitive.
• The Days on Market (DOM) data is currently N/A, which could indicate a lack of recent sales activity or a robust local market where properties sell quickly once listed.

Synthesizing these points, investors in ZIP 55719 can expect a balanced rental market with opportunities for steady returns. The gap between the FMR and the current market rent offers potential for increasing rental income without pricing out tenants. The moderate median home value and renter share suggest a manageable investment landscape, while the median income level supports the feasibility of higher rents approaching the FMR. Landlords should remain attentive to local market dynamics, particularly regarding the speed at which properties sell, to optimize their investment strategies.

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.