Location: Yellow Medicine County, MN | Metro: Lyon County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
The ZIP code 56292 is characterized by a relatively small population of 577 individuals, with only 6.4% identifying as renters. This indicates that the area is predominantly homeowner-dominated rather than renter-heavy. The median household income stands at $68,523, which provides a baseline for assessing the affordability of housing.
A typical market rent of $1,104 per month represents approximately 16.1% of the median household income. This calculation is derived from dividing the monthly rent by the annual median income ($1,104 / $68,523 * 12 months), revealing a significant portion of income dedicated to housing costs. In comparison, the Fair Market Rent (FMR) for the ZIP code is set at $1,080, slightly below the market rent but still reflective of the cost burden on residents.
Given the low percentage of renters and the modest size of the population, it's unlikely that there is a deep voucher demand in this ZIP code. Landlords should anticipate a tenant pool that is largely composed of individuals who are financially capable of covering their own rent without assistance. However, the presence of some tenants utilizing Section 8 vouchers cannot be entirely ruled out, especially considering the FMR aligns closely with market rents.
To conclude, landlords in ZIP code 56292 can expect a tenant profile that leans towards financially stable individuals who are likely to pay rent from their own resources. While the use of Section 8 vouchers might be present among some tenants, the overall demand for such assistance appears limited given the higher median income and lower proportion of renters in the area.
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.