Location: Duluth, MN | Metro: Duluth, MN-WI MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $2,200 |
| 4 Bedrooms | $2,660 |
| 5 Bedrooms | $3,086 |
| 6 Bedrooms | $3,456 |
| 7 Bedrooms | $3,732 |
| 8 Bedrooms | $3,919 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,200 | $387,443 | 0.57% | F |
U.S. Census Bureau data (2024)
ZIP code 55733 has a population of 5,139 residents, with only 5.0% identified as renters. This indicates that the area is predominantly homeowner-dominated, suggesting that the demand for rental properties, particularly those utilizing Section 8 vouchers, will be relatively low. The median household income in this ZIP code is $118,260, which is significantly higher than the typical market rent of $1,215.
To put this into perspective, the average rent of $1,215 represents approximately 1.02% of the median household income. This figure is derived by dividing the market rent by the median income ($1,215 / $118,260 = 0.0102 or 1.02%). Given that the Fair Market Rent (FMR) for the area is set at $1,440 for FY 2024, the actual market rent is below the FMR, indicating that landlords can potentially offer slightly higher rents and still remain competitive within the voucher program limits.
The kind of tenant profile a landlord in ZIP 55733 should expect is one who is financially stable but may still seek assistance through Section 8 vouchers due to the high cost of living in the area. Tenants are likely to be cautious spenders, given the relatively high income levels compared to the cost of housing. However, the scarcity of renters means that landlords must be prepared to compete on quality and location to attract and retain tenants who qualify for the Section 8 program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.