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 | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The ZIP code 56271 stands out with a population of 1,334 residents, where 30.1% are renters. The median income here is $64,861, while the median home value is significantly higher at $288,795. This suggests that homeownership is relatively expensive compared to the average income, which could influence the demand for rental properties.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for the fiscal year 2026 is set at $970 for the metro area encompassing ZIP 56271. In contrast, the current market rent, according to Census ACS data, is $1,053. This gap indicates that landlords might find it challenging to cover their costs solely through Section 8 vouchers, as the market rate exceeds the voucher amount by $83 per month. However, the difference is modest, suggesting that the financial impact on landlords is manageable, especially considering potential subsidies and tax benefits associated with accepting Section 8 tenants.
Evaluating the overall data signature, ZIP 56271 appears to be in a transitional phase. While the percentage of renters is relatively low at 30.1%, the significant disparity between median income and median home value points towards an evolving housing market. As incomes rise, more residents may seek to become homeowners, potentially shifting the balance away from rentals. Conversely, if rental rates remain stable or increase, the demand for affordable housing options like Section 8 could grow, making the ZIP code a dynamic area for both landlords and small-portfolio investors.
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.