Location: Freeborn County, MN | Metro: Freeborn County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,710 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
U.S. Census Bureau data (2024)
The ZIP code 56020 is not a renter-heavy area. With only 0.0% of the population renting, it is predominantly a homeowner-dominated area. This indicates that there is likely not a deep demand for rental properties among Section 8 tenants, as the voucher program is designed to assist low-income individuals who rent their homes.
The median household income in ZIP 56020 is $83,750, which is relatively high. However, since the market rent data is not available, we cannot calculate the exact percentage of local income that goes towards rent. Nonetheless, we can compare the median income to the Fair Market Rent (FMR) figure of $1,190, which is set for FY 2026 in the metropolitan area. Assuming the FMR represents a reasonable estimate for typical rent in the area, households would spend approximately 17.2% of their income on rent ($1,190 / $83,750 * 100).
A landlord in ZIP 56020 should expect a tenant profile that is not heavily reliant on Section 8 vouchers due to the low percentage of renters and the higher median income. Tenants are likely to be individuals or families capable of paying market rates without government assistance, although some lower-income households might still qualify for vouchers and seek affordable housing options.
To conclude, ZIP 56020 is not an ideal location for focusing exclusively on Section 8 tenants. The scarcity of renters suggests that landlords will need to cater to a broader market, including those who can afford market-rate rents. However, some units may attract tenants using vouchers if they are priced competitively within the FMR range.
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.