Location: Mille Lacs County, MN | Metro: Mille Lacs County, MN HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,930 |
| 5 Bedrooms | $2,239 |
| 6 Bedrooms | $2,508 |
| 7 Bedrooms | $2,709 |
| 8 Bedrooms | $2,844 |
U.S. Census Bureau data (2024)
The real estate market in ZIP 56313 presents a unique set of conditions that landlords and small-portfolio investors should carefully consider when planning their investment strategies. The median home value is currently not available, which can be attributed to limited data or a niche market, making it challenging to gauge overall housing trends without additional context.
The percentage of listings that have been reduced and the median days on market (DOM) are also not specified, suggesting potential data limitations or an unusual market scenario. Typically, a high percentage of reduced listings coupled with a longer DOM might indicate a seller's market where property values are expected to rise. However, without specific figures, we cannot definitively conclude the direction of pricing power over the next 12-24 months. Investors must rely on other indicators such as local economic growth, employment rates, and demographic shifts to make informed decisions.
On the rental side, the Fair Market Rent (FMR) for ZIP 56313 in fiscal year 2024 is set at $1550. This figure provides a benchmark for rental rates, but it is important to note that the actual market rate is not available, indicating another area where investors need to exercise caution. If the FMR accurately reflects the rental market, it suggests that properties in this ZIP code are positioned to generate stable income. However, if the market rate is lower than the FMR, it could imply challenges in renting out units at the desired rate.
For long-hold investors, the setup implied by the available data suggests a cautious approach. The lack of specific appreciation figures means there is no clear thesis supporting significant price increases in the near future. Instead, investors should focus on the potential for steady rental income and consider the broader economic factors affecting ZIP 56313. Realistic expectations should be set based on the stability of the rental market and any underlying trends in the local economy that could influence both rental demand and property values.
In summary, while the Fair Market Rent offers a useful reference point for rental rates, the absence of key data points regarding home values, listing reductions, and DOM requires investors to look beyond traditional metrics. They should seek out additional sources of information to understand the nuances of the ZIP 56313 market and make informed decisions about their investments.
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.