Location: Martin County, MN | Metro: Jackson County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
U.S. Census Bureau data (2024)
ZIP code 56111, located within the Martin County, MN metro area, exhibits characteristics that place it squarely within the mid-tier neighborhood category. The Fair Market Rent (FMR) for this ZIP is set at $1,200 for fiscal year 2026, which aligns closely with the county's average. Market rents hover slightly above at $1,268, indicating a modest premium over the FMR but not enough to classify it as a premium sub-market.
The lack of available home value data suggests that the area may be predominantly rental-focused, rather than owner-occupied. This inference is supported by the 9.6% renter share, which is a notable figure but not unusually high when compared to other ZIP codes in Martin County. However, the combination of a relatively high renter share and below-average home values (when considering the absence of home value data alongside higher-than-average rental rates) points towards an environment where rental properties play a significant role in the local economy.
To determine if 56111 represents a 'value pocket' or a potential sweet spot for Section 8 housing, we must consider the interplay between the renter share and rental prices. While the renter share is above average, the absence of home value data implies a focus on rentals, and the rental prices being just above the FMR suggest that there is a balance between affordability and market demand. This balance could indicate that 56111 is neither overly expensive nor underpriced relative to the rest of Martin County, positioning it as a mid-tier neighborhood with potential for steady, reliable investment returns for landlords and small-portfolio investors.
Investors should also note the proximity to the FMR, which can influence the eligibility and attractiveness of properties for Section 8 tenants. Given the slight premium in market rent over the FMR, landlords might find that their properties are competitive within the Section 8 program, offering a mix of affordability and market-rate appeal.
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.