Location: Murray County, MN | Metro: Murray County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The ZIP code 56151 stands out due to its unique demographic and economic characteristics. With a total of 643 residents, only 7.1% of whom are renters, this area has a predominantly owner-occupied housing market. The median income in ZIP 56151 is $74,167, indicating a relatively affluent community. The median home value is $236,035, which is lower than the national average but reflective of the local real estate market.
In terms of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 56151 in fiscal year 2026 is set at $1,130. This figure is higher than the current market rent of $1,025, as reported by the Census Bureau's American Community Survey (ACS). This difference suggests that landlords who accept Section 8 vouchers could see a slight premium over typical market rates, making it potentially advantageous for those with units priced near the market average.
The data signature for ZIP 56151 reads as stable. The low rental rate and high median income indicate that the majority of residents can afford homeownership, which contributes to a steady and predictable real estate market. While the voucher economics present an opportunity for landlords, the overall context of the ZIP code suggests that the housing market will likely remain consistent, with minimal transitional pressures.
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.