Location: Itasca County, MN | Metro: Itasca County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The real estate market in ZIP code 55764 presents a unique scenario for both landlords and small-portfolio investors, especially when considering the median home value of $136,465. This figure serves as a foundational metric for understanding the overall health and affordability of the housing market in this area. The absence of percentage reductions in listings and the unspecified median days on market (DOM) suggest stability, but they also highlight a lack of recent trend data that could provide deeper insights into the current market's volatility.
On the rental side, the forward market rate (FMR) for the metro area in fiscal year 2026 is projected at $1,260, while the current market rate stands at $336 according to the Census ACS. This significant gap indicates that there is substantial room for rental price growth in the area. However, it also suggests that the current rental market may be undervalued relative to the federal standards, which could present an opportunity for landlords to adjust their pricing strategies to better align with the expected future rates.
For long-term investors, the setup implies a potential appreciation thesis based on the projected rental growth and the stable home values indicated by the median home value statistic. However, without specific percentages for listing reductions and median DOM, it's challenging to assert definitive appreciation rates. Instead, the data points towards a market where maintaining or slightly increasing property values could be reasonable, given the anticipated rise in rental demand and rates.
The combination of a moderate median home value and a lower-than-projected market rental rate suggests that ZIP 55764 could see increased interest from both buyers and renters over the next 12-24 months. Landlords might consider holding onto properties for longer periods, anticipating a gradual alignment of market rental rates with the FMR projections. Small-portfolio investors should evaluate the local economic factors and the broader regional trends to inform their investment decisions, ensuring they capitalize on the inherent stability and potential for growth in the area.
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.