Location: Mower County, MN | Metro: Mower County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The ZIP code 55977 represents a suburban neighborhood situated in Minnesota, characterized by a relatively stable population of around 180 residents. This area has a modest rental market, with only 16.9% of the population renting their homes, indicating a predominantly owner-occupied community. The median household income stands at $61,250, suggesting a middle-class demographic that can afford moderate housing costs but may require assistance for higher-priced accommodations.
In terms of rent economics, the Fair Market Rent (FMR) for ZIP 55977 as of the fiscal year 2026 is set at $970, which is below the current market rent of $1,188 as reported by the Census American Community Survey (ACS). This gap highlights a potential opportunity for landlords who can provide quality housing at rates that align with the FMR, thereby attracting tenants who qualify for Section 8 vouchers.
Given these conditions, ZIP 55977 is more suited for a hands-off voucher operator rather than a hands-on value-add buyer. The relatively low percentage of renters and the established income levels suggest that there is limited room for significant price increases. Landlords should focus on maintaining properties at a standard that meets the requirements of the Section 8 program while ensuring they are competitive in the local rental market. The current market rent is already above the FMR, which means that there is an existing demand for affordable housing that could be met through Section 8 participation without extensive renovations or management intervention.
To summarize, the economic profile of ZIP 55977 points towards a steady but modest investment opportunity for those interested in Section 8 properties. The key lies in understanding the local rental dynamics and leveraging the FMR to attract qualified tenants, thereby securing a reliable income stream with minimal operational overhead.
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.