Section 8 Fair Market Rent (FMR) for ZIP 55726 - 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

1,087

Median Household Income

$80,313

Housing Units

648

Renter Percentage

22.0%

Occupancy Rate

64.7%

Renter Occupied

Located in Lake County, Illinois, ZIP code 55726 offers a balanced residential environment with access to both urban amenities and suburban tranquility. This area is particularly interesting for real estate investors due to its mix of rental and homeownership opportunities.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 55726 for fiscal year 2024 is set at $1140, providing a benchmark for rental pricing that landlords can use to ensure their properties remain competitive.
Average market rent for the area, according to the Census ACS, stands at $625, indicating a significant opportunity for landlords who can offer well-maintained units at slightly above average rates.
The median home value in ZIP 55726 is $259,512, which suggests a stable housing market where property appreciation is likely over time, especially given the strong local economy.
Renters make up 22.0% of the housing market in this ZIP code, highlighting a substantial demand for rental properties and the potential for steady cash flow for investors.
The median income in the area is $80,313, which supports a robust rental market as residents have the financial capability to pay higher rents for quality living spaces.

Synthesizing these points, ZIP 55726 presents a compelling investment opportunity for landlords and small-portfolio investors. The gap between the fair market rent and the average market rent indicates room for price increases on well-managed properties, while the median home value signals a stable asset base. With a significant portion of the population renting and a healthy median income, the demand for rental properties is strong, making it a favorable market for generating consistent returns. However, investors should be prepared to compete with existing rental prices and consider the long-term benefits of property ownership in this area.

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.