Location: Rock County, MN | Metro: Rock County, MN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
U.S. Census Bureau data (2024)
The ZIP code 56116 stands out due to its unique combination of low population density and rental rates. With only 559 residents, it represents a sparsely populated area. Additionally, the 15.3% of residents who rent their homes indicate a primarily owner-occupied community, which can affect the demand for rental properties and Section 8 vouchers.
The median household income in ZIP 56116 is $95,000, suggesting a relatively affluent neighborhood. However, the absence of data on the median home value leaves some uncertainty about the overall housing costs in the area. Despite this gap, the economic viability of Section 8 vouchers in ZIP 56116 can still be assessed through other means.
In terms of voucher economics, the Fair Market Rent (FMR) for the fiscal year 2026 is set at $970, which closely aligns with the current market rate of $980 based on Census ACS data. This slight difference indicates that landlords participating in the Section 8 program would receive rents nearly equal to the market rate, minimizing any financial loss.
Given the data available, ZIP 56116 appears to be in a stable phase. The low rental percentage and high median income suggest that the community is not facing significant economic pressures that might drive rapid changes in housing patterns. While the lack of median home value data is a notable omission, the consistency between the FMR and market rates implies a balanced rental market where Section 8 participation could be financially viable for landlords.
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.