Location: St. Cloud, MN | Metro: St. Cloud, MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The ZIP code 56325 is primarily a homeowner-dominated area, with only 12.9% of the population renting. This suggests that the demand for rental properties using Section 8 vouchers is relatively low. The median household income stands at $86,875, which is significantly higher than the typical market rent of $1,188.
To put this into perspective, the average rent consumes approximately 1.37% of the median household income. This is calculated by dividing the market rent ($1,188) by the median income ($86,875), then multiplying by 100. In contrast, the Fair Market Rent (FMR) for the area, set at $990 for FY 2024, is lower than the current market rate, indicating that landlords may face some pressure to adjust their rents downward to align with FMR guidelines.
The tenant profile expected in this ZIP code would likely be individuals who have a relatively high income but still qualify for assistance through Section 8 vouchers. These tenants will typically be required to contribute 30% of their adjusted income towards rent, making them potentially reliable and financially stable. However, due to the high median income and low percentage of renters, landlords should anticipate a smaller pool of potential Section 8 tenants compared to more renter-heavy areas.
Landlords in ZIP 56325 should focus on maintaining competitive pricing that aligns with both the market and FMR rates to attract the best possible tenants. While the area's characteristics suggest a less dense Section 8 tenant pool, it does not preclude the possibility of finding suitable tenants who can benefit from the program while also meeting financial obligations.
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.