Location: Duluth, MN | Metro: Duluth, MN-WI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 55758 reveals a mixed landscape for rental properties. The HUD Fair Market Rent (FMR) for this area in fiscal year 2024 is set at $1000, which is notably higher than the Census ACS-reported market rent of $525. This gap indicates that voucher tenants can generally cashflow at the FMR rate, providing a significant financial buffer for landlords. However, the actual cashflow potential varies depending on unit quality and location within the ZIP code.
The median home value in ZIP 55758 is listed as N/A, suggesting limited data availability for homeownership metrics. Despite this, we can infer that the high FMR relative to market rent implies a strong rent-to-price ratio, making rental properties more attractive compared to buying in this region. This dynamic supports the idea that rental properties will likely remain in demand, even if the broader housing market fluctuates.
With the median days on market (DOM) also listed as N/A, it's challenging to assess how quickly properties are typically rented out. Similarly, the percentage of price cuts is not available, but given the strong voucher support, it's reasonable to assume that landlords won't need to reduce rents significantly to attract tenants. The presence of voucher holders ensures a steady stream of qualified renters who can afford the higher FMR rates.
In conclusion, the strongest investor angle in ZIP 55758 is cashflow. The substantial difference between the HUD FMR and the market rent means that landlords can expect positive cashflow from voucher-supported tenants, making this area particularly appealing for those focused on generating consistent rental income.
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.