Location: Nobles County, MN | Metro: Nobles County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 56117, set at $1,400 for the metro area fiscal year 2026, represents the maximum amount that a landlord can charge under the Section 8 program. This is not the actual rent you will receive; it's the payment standard used by the housing authority to determine what subsidy amount they will cover. The actual rent you receive depends on the tenant's income and other factors.
In comparison, the average rent in ZIP 56117, according to Census American Community Survey data, is $1,375. This figure gives you an idea of what tenants might expect to pay in the local market. Since the FMR is slightly higher than the average rent, it indicates that the Section 8 program aims to make rental housing affordable by setting a benchmark above the local average.
The 32.9% renter share in ZIP 56117 means that over a third of the households in this area rent their homes. This high percentage suggests a significant demand for rental properties, including those covered by Section 8. Given this demand, landlords who participate in the program can benefit from a steady stream of tenants who have their rent partially subsidized by the government.
It’s important to note that the acquisition cost for properties in ZIP 56117 is listed as N/A. This means there isn’t specific data available to determine the exact price range for purchasing properties in this area. However, the FMR and average rent provide useful indicators for assessing whether a property’s potential rental income aligns with its purchase price.
Before deciding to take on a Section 8 rental, verify that your property meets the required standards for habitability and safety. These standards are set by the housing authority and must be met to ensure eligibility for the program. Failure to comply can result in penalties or disqualification from the program.
To summarize, the $1,400 FMR for ZIP 56117 provides a guideline for the maximum allowable rent under Section 8, which is higher than the local average of $1,375. With a 32.9% renter share, there is a strong demand for rental properties in this area, making Section 8 participation a viable option for landlords. Ensure your property complies with all necessary standards to avoid any issues once you join the program.
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.