Location: Wabasha County, MN | Metro: Wabasha County, MN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
18.8% of residents in ZIP code 55957 are renters, indicating a moderate demand for rental properties. The Fair Market Rent (FMR) for Section 8 in this area for fiscal year 2024 is set at $910, which is slightly higher than the $833 average market rent reported by the Census Bureau's American Community Survey. This suggests that Section 8 vouchers can cover a significant portion of the typical rental costs, making it a viable option for landlords. However, the median home value stands at $411,788, which is considerably higher than the median income of $76,094. This disparity implies that many homeowners might be financially stretched, potentially affecting their ability to maintain properties to the standards required by Section 8.
The lack of data on days on market (DOM) and the percentage of homes that have had their prices cut indicates stability in the housing market, without significant fluctuations in property values or sales activity. For landlords, this means less risk of sudden drops in property value and steady demand for rental units. Given the FMR exceeds the market rent, landlords participating in Section 8 can expect to receive rents close to market rates without the hassle of collecting rent directly from tenants.
However, the high median home value relative to median income points to financial constraints that could impact maintenance and upkeep costs. Landlords must ensure they can meet the physical condition standards set by HUD, which may require additional investment in property improvements. The decision to participate in Section 8 should weigh the benefits of guaranteed rent against the potential need for increased capital expenditures.
Verdict: Section 8 is a stable choice for landlords in ZIP 55957, offering consistent rental income but requiring attention to property maintenance to comply with program standards.
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.