Section 8 Fair Market Rent (FMR) for ZIP 56168 - 2027

Location: Nobles County, MN | Metro: Nobles County, MN

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$710
1 Bedroom	$780
2 Bedrooms	$1,010
3 Bedrooms	$1,350
4 Bedrooms	$1,430
5 Bedrooms	$1,659
6 Bedrooms	$1,858
7 Bedrooms	$2,007
8 Bedrooms	$2,107

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

858

Median Household Income

$71,786

Housing Units

356

Renter Percentage

15.4%

Occupancy Rate

89.3%

Renter Occupied

The ZIP code 56168, located in Rushmore, MN, is a small community with limited real estate activity. Here is a concise market analysis based on recent data:

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is $970.
The market rent for a similar unit, according to Census ACS data, is $914.
The median income for residents is $71,786.
Renters make up 15.4% of the housing market, indicating a relatively stable owner-occupied community.
The median listing price for homes has fallen 43.9% year-over-year, from $205,000 to $114,950.
Homes are taking longer to sell, averaging 125 days on the market compared to 53 days last year.

In summary, the ZIP code 56168 presents a challenging environment for landlords and small-portfolio investors. With market rents slightly below the FMR and a significant drop in median home prices, it suggests a buyer's market where demand may be lower. However, the steady median income and moderate renter share indicate a stable local economy. Given the extended days on market for homes, it might be advisable for investors to focus on rental properties rather than flipping homes. Additionally, the relatively low median home value could present opportunities for long-term investment, particularly if the local economy strengthens and attracts more renters.

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.