Location: Redwood County, MN | Metro: Cottonwood County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
0.0% of residents in ZIP code 56166 are renters, indicating a predominantly owner-occupied area. This statistic suggests that landlords should carefully consider the local demand before investing. However, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $970, which provides a benchmark for rental pricing in the region. Despite the low renter share, this FMR figure can still be useful for those looking to enter the rental market or adjust their existing portfolio. The median income in 56166 stands at $75,875, which is a key indicator of the financial stability of potential tenants. Given the N/A status for both market rent and median home value, it's clear that detailed local real estate market data is limited, making reliance on broader regional trends and the HUD FMR all the more important. The absence of data regarding days on market (DOM) and the percentage of homes that have had their prices cut implies a stable housing market with little fluctuation in sales activity or pricing. For landlords and small-portfolio investors looking to leverage the Section 8 program, the $970 FMR is a critical starting point for setting competitive rents that align with government-subsidized housing allowances. In conclusion, while the rental market in 56166 is not extensive, there is potential for Section 8 participation, especially given the high median income levels that suggest a robust tenant pool.
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.