Location: Swift County, MN | Metro: Chippewa County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 56252 is set at $970 per month for the fiscal year 2026. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for Section 8 rental assistance in the area. It's important to note that this is not the rent you should charge your tenants; rather, it's the maximum amount that HUD will pay toward a tenant's rent through the Section 8 program.
In comparison, the average rent for ZIP code 56252 is currently listed at $809 per month according to the Census Bureau's American Community Survey (ACS). This indicates that the FMR is higher than the average rent, which can be advantageous for landlords participating in the Section 8 program. The difference between the FMR and the average rent means that landlords could potentially receive slightly more than the typical market rate when renting to Section 8 participants.
The renter share in ZIP code 56252 is 24.7%, which suggests a moderate demand for rental properties. This percentage shows that nearly one-quarter of the population in the area rents their homes, providing a solid base of potential tenants for your property. However, it also implies that the competition for rental properties might not be as fierce as in areas with a higher renter share, but there is still a significant number of people looking for affordable housing options.
If you're considering purchasing a property in ZIP code 56252 to use as a Section 8 rental, the median home value is approximately $225,788. This price point can help you understand the investment required to enter the market. Keep in mind that the actual cost of acquiring a property can vary based on its condition, location, and other factors. The FMR of $970 can provide a benchmark for the monthly income you can expect from the Section 8 program, helping you determine if the property is financially viable.
Before making your decision, it's crucial to verify the local Section 8 waiting list status. A long waiting list can delay the time it takes to find a qualified tenant, while a short or open list can expedite the process. Check with the local housing authority to confirm the status of the waiting list and any additional requirements they may have for landlords who wish to participate in the program.
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.