Location: Swift County, MN | Metro: Swift County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,460 |
| 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)
The ZIP code 56231 presents an interesting scenario when analyzed from a renter's perspective. The median income for households in this area stands at $110,000, which is relatively high. However, without a specified market rate for rents, it's challenging to provide a direct comparison. We do know the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,130, which serves as a benchmark for voucher payments.
Given the limited data on market rates, we cannot definitively state whether a household earning the median income can afford typical rental prices. However, considering the FMR of $1,130, it's likely that many households could cover their rent costs comfortably, especially if they are earning close to or above the median income.
The ZIP code has a low percentage of renters, only 2.5%, indicating a primarily owner-occupied community. This suggests that the competition among landlords for tenants might be less intense compared to areas with higher percentages of renters. Despite this, the total population of 405 means that the number of potential rental units is also relatively small, which could still create some level of competition for those seeking to rent out properties.
The affordability gap in 56231, defined by the difference between median incomes and the FMR, is favorable for renters. However, this gap also poses strategic challenges for landlords. While there are fewer renters competing for units, landlords must consider the value of accepting Section 8 vouchers versus relying on cash-paying tenants.
For landlords, the takeaway is clear: given the high median income and the low percentage of renters, there is a significant pool of potential cash-paying tenants who can afford to pay more than the FMR. However, accepting vouchers can provide a steady stream of rental income and reduce vacancy rates, which is particularly beneficial in a small market like 56231. Landlords should weigh these factors carefully, considering both the financial benefits of higher rents and the stability offered by voucher programs.
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.