Location: Mower County, MN | Metro: Mower County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
U.S. Census Bureau data (2024)
13.4% of residents in ZIP code 55950 are renters, indicating a modest demand for rental properties in the area. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,070, which represents the maximum allowable rent for Section 8 vouchers. This figure is critical for landlords considering participation in the program, as it defines the upper limit they can charge tenants using vouchers.
$61,250 is the median income for ZIP 55950, providing insight into the economic profile of the area. While this figure does not directly impact Section 8 eligibility, it helps contextualize the income levels of potential voucher holders. It's worth noting that the specific income limits for Section 8 eligibility vary by household size and location, but typically range around 50% of the area median income (AMI).
The lack of data on market rent and median home value suggests that these metrics may be less relevant or tracked for this particular ZIP code. However, the absence of such information does not detract from the significance of the FMR and median income data in evaluating the viability of Section 8 participation.
While the days on market (DOM) and percentage of price-cut shares are listed as N/A, these figures would typically help assess how quickly properties are rented out and the frequency of price adjustments. For ZIP 55950, landlords should focus on the strong tenant demand supported by the Section 8 program, given the established FMR.
A key consideration for landlords is the stability and security that comes with renting to Section 8 participants. With the government guaranteeing timely payments up to $1,070 per month, landlords can expect steady cash flow without the risk of non-payment, common with traditional renters. Additionally, the program offers a built-in pool of tenants, reducing the time and cost associated with finding and screening new occupants.
The modest renter share of 13.4% might imply a smaller pool of potential Section 8 tenants, but this can also mean less competition among landlords for these vouchers. This could be advantageous for those who wish to participate in the program without facing a crowded market.
In conclusion, ZIP 55950 presents a straightforward opportunity for landlords interested in the Section 8 program, with clear guidelines on allowable rents and an economically stable tenant base. The verdict for Section 8 in ZIP 55950 is positive, offering a reliable source of income and a secure investment option for landlords willing to accept vouchers.
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.