Location: Pine County, MN | Metro: Duluth, MN-WI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,170 |
| 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 market in ZIP code 55756 is characterized by a specific set of metrics that provide insight into its current state and potential dynamics. The Fair Market Rent (FMR) for the area is set at $1060 for the fiscal year 2024, which indicates the average rental cost considered fair by HUD for a two-bedroom apartment. This figure serves as a benchmark for rental prices in the area.
With the median home value at $234,019, it suggests that homeownership is relatively affordable compared to the national average. However, the lack of data on market rent and the percentage of homes offered at a price cut, along with the number of days on the market (DOM), makes it challenging to definitively conclude whether supply outpaces demand or vice versa. These missing pieces would typically help identify trends such as rapid sales or prolonged listings, which are indicative of market balance.
The 10.1% renter share highlights an important dynamic in the ZIP code's housing market. A lower proportion of renters relative to homeowners can imply less immediate pressure on rental availability but also suggests a potential for long-term housing tension if the population grows and more individuals seek rental options. This metric is crucial for understanding the composition of the housing market and the potential for future shifts towards increased rental demand.
In summary, ZIP 55756 presents a market where homeownership is accessible, and rental costs are defined by government standards. The low renter share points to a predominantly owner-occupied community, which could mean stable housing conditions but also leaves room for speculation on future housing needs should the demographic change.
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.