Section 8 Fair Market Rent (FMR) for ZIP 55783 - 2027
Location: Pine County, MN | Metro: Duluth, MN-WI MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $970 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$82,421
Housing Authorities Serving ZIP 55783
- HRA OF CLOQUET, MINNESOTA (Cloquet, MN) - 159 Section 8 vouchers
- HRA of AITKIN COUNTY, MINNESOTA (Aitkin, MN) - 35 Section 8 vouchers
- HRA OF MOOSE LAKE, MINNESOTA (Moose Lake, MN)
- HRA of PINE CITY, MINNESOTA (Pine City, MN)
- HRA of CARLTON, MINNESOTA (Carlton, MN)
The ZIP code 55783, encompassing Sturgeon Lake, MN, is a tranquil suburban area known for its natural beauty and close proximity to recreational opportunities. This setting attracts both homeowners and renters who appreciate the serene environment and outdoor activities.
- Fair Market Rent (FMR): The FMR for ZIP 55783 in fiscal year 2024 is set at $1040, indicating a stable rental price point that landlords can rely on for their properties.
- Market Rent: According to recent Census American Community Survey (ACS) data, the average market rent for the area stands at $1,200, which is slightly above the FMR and reflects the true demand for rental housing in the region.
- Median Home Value: The median home value in Sturgeon Lake, MN, is $263,951, suggesting that property values are relatively modest compared to larger metropolitan areas, making it a viable option for first-time investors.
- Renter Share: With a renter share of 13.3%, there is a notable but not overwhelming presence of renters in the community, implying steady demand for rental units without extreme competition.
- Days on Market (DOM): The data does not provide a specific figure for DOM, which could mean that listings move quickly once they come onto the market, or it might indicate that there isn't enough turnover to establish a reliable trend.
- Median Income: The median household income in the area is $82,421, a solid figure that supports a healthy rental market and ensures tenants have the financial stability to meet their monthly obligations.
Investors looking to enter the Sturgeon Lake, MN, market should consider the robust median income levels and the slight premium of market rents over FMRs. The modest median home value presents an opportunity for those seeking to build a portfolio without significant upfront capital. However, the relatively low renter share suggests that competition among landlords may be less intense, yet also implies a smaller pool of potential tenants. The absence of a specific DOM figure leaves some uncertainty regarding how quickly properties will sell or lease, though the overall economic indicators suggest a positive outlook for real estate investments 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.