Location: Duluth, MN | Metro: Duluth, MN-WI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,070 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $2,130 |
| 4 Bedrooms | $2,570 |
| 5 Bedrooms | $2,981 |
| 6 Bedrooms | $3,339 |
| 7 Bedrooms | $3,606 |
| 8 Bedrooms | $3,786 |
U.S. Census Bureau data (2024)
The ZIP code 55814 is located in Duluth, Minnesota, and it represents a unique neighborhood due to its designation as the area around the Duluth Federal Prison. The total population of this ZIP code is 461, which is relatively small. Unfortunately, specific data on the percentage of renters, median income, and median home value is not available for this particular ZIP code.
However, the Fair Market Rent (FMR) for ZIP code 55814 is set at $1450 for fiscal year 2024. This figure provides insight into the rental economics of the area. Given the nature of the neighborhood, the presence of the federal prison likely influences both the local economy and the housing market. The FMR is established to ensure that housing assistance is provided at rates that reflect the local rental market conditions.
Considering the characteristics of ZIP code 55814, it is more suitable for hands-off voucher operators rather than hands-on value-add buyers. The limited population and the specific context of the federal prison suggest that there is less opportunity for active property management or significant improvements that would add value. For investors looking to provide stable housing through Section 8 vouchers, this ZIP code offers a straightforward investment with predictable demand for rental units at the fair market rate.
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.