Section 8 Fair Market Rent (FMR) for ZIP 56227 - 2027

Location: Swift County, MN | Metro: Big Stone County, MN

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$730
1 Bedroom	$850
2 Bedrooms	$1,040
3 Bedrooms	$1,380
4 Bedrooms	$1,460
5 Bedrooms	$1,694
6 Bedrooms	$1,897
7 Bedrooms	$2,049
8 Bedrooms	$2,151

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

215

Median Household Income

$97,604

Housing Units

116

Renter Percentage

9.7%

Occupancy Rate

80.2%

Renter Occupied

ZIP code 56227, located in Correll, Minnesota, is a small community with limited real estate data available. However, it provides a unique insight into the local housing market, particularly for landlords and small-portfolio investors.

The Fair Market Rent (FMR) for ZIP 56227 is set at $990 for a metro area in fiscal year 2026.
The median home value is not available for this ZIP code, indicating that it might have a low number of residential sales.
Renters make up 9.7% of the population, suggesting a smaller demand for rentals compared to homeownership.
The area represents a balanced market, with properties moving within 47 days on average.
The median household income is $97,604, which is higher than the national average, implying a stable economic base.
The job market has increased by 0.6% over the last year, but future growth is predicted to be lower than the US average at 26.6% over the next decade.

The market analysis reveals that while there is a fair market rent established for the area, the lack of detailed rental and home value data makes it challenging to gauge the overall attractiveness of the market. Given the balanced market conditions and the relatively high median income, landlords can expect steady demand from tenants who can afford the rents. However, the limited growth potential in the job market could affect long-term investment returns. For investors, focusing on quality rental properties that align with the FMR could be a strategic approach to ensure stable cash flow in ZIP 56227.

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.