Location: Nobles County, MN | Metro: Jackson County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
30.7% of residents in ZIP code 56187 (Worthington, MN) are renters, indicating a significant portion of the population relies on rental housing. The $925 market rent, as reported by the Census ACS, reflects the average cost tenants pay for their living space. This figure is notably lower than the $1,070 Fair Market Rent (FMR) for the metro area in fiscal year 2026, suggesting a potential opportunity for landlords to increase rents without losing tenants to the broader market. The median home value stands at $241,119, providing insight into the overall property values in the area. For those considering Section 8 properties, it's crucial to note that the median income in Worthington is $64,326, which aligns well with the affordability of the FMR. Additionally, the 0.2% price-cut share indicates that very few properties are being discounted, further supporting the stability and demand in the rental market. Landlords and small-portfolio investors should also be aware that the lack of available data on days on market (DOM) could imply either a robust market where properties are quickly rented or a lack of comprehensive reporting mechanisms. Given these metrics, Worthington presents a stable rental market with a slight edge towards higher rental rates compared to the current market average, making it a favorable location for Section 8 investments.
Verdict: Section 8 properties in Worthington, MN are a solid investment choice given the stable rental market and favorable rent-to-income ratios.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.