Location: Itasca County, MN | Metro: Itasca County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,930 |
| 5 Bedrooms | $2,239 |
| 6 Bedrooms | $2,508 |
| 7 Bedrooms | $2,709 |
| 8 Bedrooms | $2,844 |
U.S. Census Bureau data (2024)
The ZIP code 55784 is located in a suburban neighborhood characterized by a relatively small population of 149 residents. The area has a low rental occupancy rate at only 3.0%, indicating that it is predominantly owner-occupied. With a median household income of $58,594, the community suggests a middle-class demographic, though without specific data on the median home value, we can infer that homes here are likely priced within reach of these incomes.
Moving into the economic realities of renting, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,080. This figure is crucial for landlords and investors considering the Section 8 Housing Choice Voucher program, as it dictates the maximum rental amount that can be charged under the program. However, due to the lack of available data on market rents for this specific ZIP code, it's challenging to compare how the FMR aligns with local market conditions. Nonetheless, given the low percentage of renters, it's reasonable to assume that rental properties are in lower demand compared to owner-occupied homes.
Considering the characteristics of ZIP 55784, it would be better suited for a hands-off voucher operator rather than a hands-on value-add buyer. The limited number of rental units and the low proportion of renters suggest a stable but not highly dynamic market. For an investor looking to manage properties with minimal effort, the Section 8 program could provide a steady stream of tenants who are guaranteed to pay their rent through the voucher system. However, for those seeking to actively improve and increase the value of their properties, the market conditions and the small size of the rental pool make it less attractive for such an approach.
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.