Location: Morrison County, MN | Metro: Morrison County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
U.S. Census Bureau data (2024)
ZIP 56384, located in Morrison County, MN, is best suited as a cash-flow anchor within a Section 8 portfolio strategy. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $970, while the market rent is $828. This indicates that landlords can expect a positive cash flow from properties in this ZIP code, as the government subsidy will cover the difference between the market rent and the FMR. Additionally, the median home value in ZIP 56384 is $202,194, which is relatively low compared to other areas in Minnesota. This makes it easier for landlords to purchase properties and maintain them without significant financial strain.
The ZIP code has a renter share of 51.3%, meaning nearly half of the households are renters, providing a steady demand for rental properties. With a median income of $48,750, there is a reasonable pool of potential tenants who qualify for Section 8 assistance. However, the lack of recent price cuts and days on market (DOM) data suggests that appreciation plays might not be as strong here as in other markets. Instead, ZIP 56384 offers a reliable foundation for a portfolio focused on generating consistent cash flow through government subsidies.
To summarize, ZIP 56384 serves as a cash-flow anchor due to the favorable spread between the FMR and market rent, along with the stable demand from renters and manageable property values. This makes it an ideal choice for landlords and small-portfolio investors seeking predictable returns.
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.