Location: Pine County, MN | Metro: Duluth, MN-WI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
U.S. Census Bureau data (2024)
The ZIP code 55749 has a population of 532 individuals, with only 5.6% identified as renters. This indicates that the area is predominantly homeowner-dominated rather than renter-heavy. Given the median household income of $77,500, it's important to note that there is no specific data provided on the market rent for this ZIP code, which makes direct comparisons challenging.
However, we can compare the median household income to the Fair Market Rent (FMR), which is set at $1130 per month for FY 2024. Assuming the FMR represents typical rental costs, we can calculate that rent would consume approximately 16.2% of the median monthly income in this area. This percentage is derived from the annual median income divided by 12 months, then comparing that figure to the FMR. In other words, if a household earns $77,500 annually, their monthly income is roughly $6,458, and a rent of $1130 would account for about 17.5% of their monthly earnings.
The scarcity of renters in ZIP 55749 suggests that tenants using Section 8 vouchers might also be limited. Landlords should anticipate a tenant pool that is likely to include a mix of low-income families seeking affordable housing options through government assistance programs, alongside other renters who may not require such support. The voucher demand will likely be shallow due to the low percentage of renters and the relatively high median income compared to typical voucher recipient profiles.
To conclude, landlords in ZIP 55749 should prepare for a tenant base that is less reliant on Section 8 vouchers. While some low-income families may still seek housing through these means, the overall demand for voucher-assisted rentals is expected to be lower than in areas with higher percentages of renters or lower median incomes. The typical renter in this ZIP code is likely to have a stable income and be able to afford market rates without needing significant financial assistance.
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.