Location: Itasca County, MN | Metro: Itasca County, MN
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,320 | $303,552 | 0.43% | F |
U.S. Census Bureau data (2024)
The ZIP code 55775 is primarily a homeowner-dominated area rather than a renter-heavy zone. With a population of 1,309, only 6.3% of residents are renters, indicating a relatively small tenant pool. The median household income stands at $90,179, which places it above average compared to many areas.
In terms of affordability, the typical market rent of $850 consumes approximately 9.4% of the median household income. This is calculated by dividing the monthly rent by the annual median income and multiplying by 100. To put this into perspective, the Fair Market Rent (FMR) for the area is set at $970 for FY 2026, which is higher than the current market rent but still represents a manageable portion of the local income at about 11.2%.
Given the income levels and the current market rent, landlords in ZIP 55775 can expect tenants who are likely to be financially stable and capable of paying rent without significant strain on their budget. These tenants are also more likely to have additional resources for maintenance and improvements, reducing the financial burden on landlords.
The scarcity of voucher demand in this ZIP code means that landlords will not heavily rely on Section 8 vouchers to fill vacancies. Instead, they should focus on attracting tenants willing to pay market rates, as the income levels support the ability to afford higher rents. Landlords should prepare for a tenant base that values quality living spaces and may be selective about their housing options.
To summarize, ZIP 55775 is an area with a strong homeowner presence and a limited but financially capable tenant pool. The typical rent consumes a reasonable percentage of local income, making it feasible for residents to afford housing without extensive subsidies. Landlords should anticipate a stable and selective group of tenants who value their living environment and are prepared to meet market rental prices.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.