Location: Lac qui Parle County, MN | Metro: Big Stone County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
The ZIP code 56276 presents an interesting scenario when viewed from the renter's perspective. Given the median household income of $76,250, it's crucial to assess whether the residents can afford the market rate rental costs. Unfortunately, the market rate for rentals in this area is listed as N/A, indicating incomplete data. However, we can still draw insights from the available information.
The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $990. This figure represents the standard voucher payment for housing assistance. Comparing this to the median income suggests that many households could find it challenging to cover higher rents without financial aid. The limited population of 256 and only 16.0% being renters indicate a niche market with potentially high competition among landlords.
The affordability gap becomes evident when considering that a significant portion of the population might rely on government assistance to meet their housing needs. For landlords, this means that while there may be fewer potential tenants overall, those who can afford market rates without vouchers will be highly sought after.
In conclusion, landlords in ZIP 56276 should carefully consider their strategy regarding voucher versus cash-pay tenants. With a median income of $76,250 and an FMR of $990, the demand for affordable housing is likely to be high. Landlords who accept vouchers can secure long-term, stable tenancy but must factor in the administrative complexities and payment schedules associated with government programs. Those who target cash-paying tenants can potentially charge higher rents but will face steeper competition given the smaller pool of renters able to pay above the FMR.
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.