Location: Swift County, MN | Metro: Pope County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
U.S. Census Bureau data (2024)
The ZIP code 56244 is situated in a tranquil suburban neighborhood characterized by a modest population of 1,832 residents. The area has a relatively low percentage of renters at 21.1%, indicating a community where homeownership is prevalent. With a median income of $85,417, it suggests that the local economy supports a comfortable standard of living for its inhabitants. The median home value in this ZIP code stands at $222,010, reflecting an affordable housing market compared to many metropolitan areas.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 56244 as of metro FY 2026 is set at $970. This figure contrasts slightly with the current market rent, which according to Census ACS data, averages $914 per month. This indicates that while there is some room for rent increases to align with the FMR, the gap is not substantial enough to suggest a highly volatile market.
Considering the hands-off versus hands-on investment approach, ZIP 56244 appears to be more suitable for a hands-off voucher operator. The relatively stable economic indicators and the modest disparity between the FMR and market rent imply a steady demand for rental properties without the need for extensive property improvements or management interventions. For those inclined towards value-add strategies, the opportunity may lie in targeting the lower end of the market to capitalize on the affordable median home values and attract first-time buyers or renters looking for cost-effective options.
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.