Location: Mankato, MN | Metro: Mankato, MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
The ZIP code 56080 is characterized by a small, tight-knit community with a total population of 672 residents. Only 5.8% of these residents are renters, indicating a predominantly owner-occupied environment. The median household income in this area stands at a robust $105,398, suggesting that the majority of residents have substantial financial stability. The median home value in ZIP 56080 is $240,564, reflecting the overall economic health and property values of the region.
Transitioning into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 56080 as of the fiscal year 2024 is set at $960. However, the actual market rent, according to the Census Bureau's American Community Survey (ACS), is significantly lower at $750. This discrepancy highlights an opportunity for landlords and small-portfolio investors who can leverage the higher FMR to secure Section 8 tenants while potentially earning above the typical market rate.
Given these economic factors, ZIP 56080 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For those seeking a passive investment strategy, the higher FMR provides a reliable source of income through Section 8 vouchers, ensuring steady cash flow without the need for extensive property management. On the other hand, for investors willing to engage in more active property management, there is potential to increase rents closer to the FMR levels, thereby enhancing profitability and adding value to their investments. The low percentage of renters also implies that competition for rental properties might be less intense, allowing for greater flexibility in managing and pricing units.
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.