Location: Morrison County, MN | Metro: Crow Wing County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The market in ZIP code 56364, Minnesota, is characterized by a rental environment that closely mirrors the Federal Market Rent (FMR) benchmark set for fiscal year 2026 at $1,030. Currently, the market rent stands at $1,020, according to the Census American Community Survey data. This suggests a stable equilibrium between supply and demand, with rental prices reflecting the federal standards closely.
The median home value of $342,952 provides insight into the overall property valuation in the area. However, the lack of specific data on price-cut shares and days on market (DOM) makes it challenging to definitively state whether supply or demand is currently leading. Typically, if there were a significant mismatch, we would see higher price-cut shares or longer DOM periods, indicating either a glut of properties or a shortage of buyers.
A noteworthy statistic is the 14.7% renter share. This percentage indicates a relatively low proportion of renters compared to homeowners, which can be interpreted as a sign of long-term housing stability. With fewer residents relying on rentals, there is less immediate pressure on the rental market. However, it also implies a potential for increased long-term housing pressures should economic conditions change, prompting more individuals to seek rental options over ownership.
The dynamics of this market suggest a balance where neither supply nor demand is significantly outpacing the other. The close alignment between market rents and FMRs points to a well-regulated and predictable rental landscape. Landlords and small-portfolio investors should expect steady returns without the volatility seen in areas with more pronounced imbalances.
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.