Section 8 Fair Market Rent (FMR) for ZIP 56262 - 2027

Location: Swift County, MN | Metro: Chippewa County, MN

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$890
1 Bedroom	$990
2 Bedrooms	$1,270
3 Bedrooms	$1,760
4 Bedrooms	$1,810
5 Bedrooms	$2,100
6 Bedrooms	$2,352
7 Bedrooms	$2,540
8 Bedrooms	$2,667

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

871

Median Household Income

$70,625

Housing Units

363

Renter Percentage

15.6%

Occupancy Rate

84.8%

Renter Occupied

The ZIP code 56262, located in the heart of a vibrant community within the state of Minnesota, offers a unique blend of rural charm and urban convenience. This area is characterized by its strong economic foundation, supported by a diverse mix of industries and a relatively stable housing market.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $980.
The average market rent for properties in ZIP 56262, according to the latest Census American Community Survey (ACS), stands at $1,092.
Renters make up 15.6% of the population, indicating a significant but not overwhelming demand for rental properties.
The median household income in this ZIP code is $70,625, providing a solid financial base for both renters and homeowners.
Due to the lack of specific data on days on market (DOM), it's challenging to assess the speed at which homes are sold, but the overall stability of the area suggests consistent sales activity.
The median home value is not available, which can be attributed to the limited number of transactions or the dominance of rental properties over home ownership in the area.

For landlords and small-portfolio investors, ZIP 56262 presents a balanced investment opportunity. The close alignment between the Fair Market Rent and the actual market rent indicates that the area is pricing properties accurately based on their value. With a median income above the national average, residents have the financial capacity to afford higher rents, making this ZIP code attractive for rental investments. However, the low share of renters suggests that competition among landlords could be stiff, requiring careful management and possibly renovation to attract tenants. The absence of median home values and days on market data implies a focus on the rental market rather than home purchases, aligning well with the needs of investors looking to capitalize on steady rental incomes.

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.