Location: Redwood County, MN | Metro: Redwood County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The ZIP code 56294 is situated in a suburban area characterized by a relatively small population of 104 residents. With 23.7% of the population renting their homes, it indicates a modest demand for rental properties. The median household income stands at $82,083, suggesting a middle-class community where residents have stable financial situations.
The economic landscape for rental properties in ZIP 56294 is somewhat unclear due to the lack of specific market rent data. However, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,060, which can be used as a benchmark for evaluating rental rates. This figure should be considered alongside the local context to determine the feasibility of rental operations.
Given the limited population and the absence of detailed market rent information, ZIP 56294 might be better suited for a hands-off voucher operator rather than a hands-on value-add buyer. The steady income levels suggest that tenants would likely be able to meet their share of the rent, making Section 8 vouchers a reliable source of income for landlords. For those interested in a more active role in property management, the small scale of the market may present challenges in finding sufficient opportunities for value enhancement or significant returns on investment.
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.