Section 8 Fair Market Rent (FMR) for ZIP 56385 - 2027

Location: Pope County, MN | Metro: St. Cloud, MN MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$860
1 Bedroom	$940
2 Bedrooms	$1,230
3 Bedrooms	$1,510
4 Bedrooms	$1,690
5 Bedrooms	$1,960
6 Bedrooms	$2,195
7 Bedrooms	$2,371
8 Bedrooms	$2,490

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

917

Median Household Income

$73,500

Housing Units

637

Renter Percentage

11.6%

Occupancy Rate

63.7%

Renter Occupied

The ZIP code 56385, located in a suburban setting, offers a stable environment for real estate investment, particularly for those interested in Section 8 properties. The area benefits from a mix of residential and commercial developments, providing residents with necessary amenities while maintaining a quiet living atmosphere.

The Fair Market Rent (FMR) for ZIP 56385 in fiscal year 2024 is set at $1,140. This figure represents the maximum rental amount that can be charged for a Section 8 voucher, ensuring a consistent income stream for landlords.
The average market rent in the area, according to the Census Bureau's American Community Survey, is $967. This suggests that Section 8 rents are higher than the general market rate, offering a competitive advantage to landlords participating in the program.
The median home value in ZIP 56385 stands at $323,525. This indicates a moderate housing market where property values are neither excessively high nor low, making it a balanced area for investment.
Renters make up 11.6% of the population in this ZIP code. This relatively low percentage implies that there is room for growth in the rental market, potentially increasing demand for Section 8 units.
The median income in the area is $73,500. This figure provides insight into the economic profile of the residents, suggesting that a portion of the population may rely on government assistance programs like Section 8 for housing.
Unfortunately, the Days on Market (DOM) data is not available, which would have indicated how quickly properties are typically sold or rented in this area. However, the other metrics still provide a comprehensive view of the local real estate landscape.

Investors looking to enter the Section 8 market in ZIP 56385 can expect a favorable scenario where the FMR exceeds the typical market rent, ensuring higher-than-average returns. With a median home value of $323,525 and a median income of $73,500, the area presents a middle-ground opportunity, balancing between affordability and stability. The relatively low renter share suggests untapped potential in the rental market, which could be capitalized upon by providing quality Section 8 units. Overall, the ZIP code offers a promising investment environment for those willing to engage with the Section 8 program, leveraging higher guaranteed rental incomes against a moderate property value backdrop.

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.