Location: Rock County, MN | Metro: Rock County, MN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
U.S. Census Bureau data (2024)
The median income in ZIP code 56173 stands at $59,286, which provides a clear picture of the financial landscape for potential renters. At the market rate of $1,042 per month (as reported by the Census Bureau's American Community Survey), a household would spend approximately 21% of their annual income on rent alone. This figure is already a significant portion of the average income, indicating that many residents might struggle to find affordable housing options without assistance.
Comparatively, the Fair Market Rent (FMR) set at $1,200 for the fiscal year 2026 represents an even higher financial burden for renters. If we consider the median income, this would equate to spending nearly 25% of the annual income on rent. This discrepancy highlights the affordability gap in the area, where the actual market rate is lower but still challenging for many households, and the FMR is significantly beyond what most can comfortably afford.
With 20.8% of the 307 residents being renters, the competition for rental properties is relatively low. However, the affordability issues could limit the pool of viable tenants, especially those willing or able to pay the market rate without subsidies. Landlords must carefully consider their tenant selection strategy to balance between securing stable income and meeting the needs of the local community.
The takeaway for landlords is clear: focusing on voucher acceptance can open up opportunities to attract a broader range of tenants who might otherwise be priced out of the market. While accepting vouchers might mean dealing with government regulations and potentially lower rent payments compared to the FMR, it ensures a steady stream of income and a more diverse tenant base. On the other hand, relying solely on cash-paying tenants could limit occupancy rates, given the financial constraints faced by many households in the area.
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.