Location: Itasca County, MN | Metro: Itasca County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,070 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,160 |
| 5 Bedrooms | $2,506 |
| 6 Bedrooms | $2,807 |
| 7 Bedrooms | $3,032 |
| 8 Bedrooms | $3,184 |
U.S. Census Bureau data (2024)
The ZIP code 55793 stands out due to its unique demographic and economic characteristics. With only 666 residents, it has an exceptionally low population count, making it one of the smallest communities in terms of size. Despite this, the median income in ZIP 55793 is relatively high at $70,000, which suggests a financially stable populace. However, the rental rate is quite low at 8.6%, indicating that most residents own their homes. The median home value is also notably high at $218,725, further emphasizing the community's preference for homeownership over renting.
When it comes to Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 55793 is set at $1,190 for the fiscal year 2026, slightly higher than the current market rent of $1,179 as reported by the Census Bureau's American Community Survey (ACS). This minor difference means that landlords accepting vouchers can expect a reasonable level of compensation, closely aligned with market rates. Given these figures, it is clear that the demand for subsidized housing is low, but the supply of rental units is even lower, creating a tight market for those seeking rentals with vouchers.
Based on the data signature of ZIP 55793, the community appears to be stable rather than transitional. The high median income and median home value suggest a consistent financial health among residents. Additionally, the low rental rate indicates that there is little movement towards renting, which typically signals a lack of change in the local economy and housing preferences. While the slight increase in FMR compared to market rent might indicate some upward pressure on rents, the overall picture points toward a community that is unlikely to experience significant changes in the near future.
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.