Location: Itasca County, MN | Metro: Itasca County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
U.S. Census Bureau data (2024)
7.8% of residents in ZIP code 55742 are renters, indicating a modest demand for rental properties in the area. However, the $1,010 Fair Market Rent (FMR) for the metro area in fiscal year 2026 shows that the rental market is competitive and likely to attract tenants seeking affordable housing options. The Census ACS reports a market rent of $1,150, which is slightly above the FMR, suggesting landlords can set rents at this level while still being attractive to potential tenants. Despite the lack of data on median home values and days on market (DOM), the median income of $64,250 provides insight into the financial capabilities of local residents. This figure implies that many tenants may rely on government assistance programs such as Section 8 to afford their living expenses. The absence of information regarding the percentage of price-cut shares indicates that there may not be significant downward pressure on property values or rental rates due to overpricing. In conclusion, given the modest renter population but competitive rental rates and reliance on Section 8 subsidies, landlords and small-portfolio investors should consider the area's economic context and the availability of affordable housing options when setting rents and managing properties.
A final note on Section 8 eligibility: With the FMR at $1,010 and market rents at $1,150, landlords in ZIP 55742 can expect a steady flow of Section 8 applicants, making participation in the program a viable strategy for maintaining occupancy rates and ensuring a stable income stream.
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.