Location: Hubbard County, MN | Metro: Cass County, MN
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $290,166 | 0.37% | F |
| 3BR | $1,460 | $354,170 | 0.41% | F |
U.S. Census Bureau data (2024)
The ZIP code 56433, located in Akeley, MN, presents a dynamic rental market. The Fair Market Rent (FMR) for the area is set at $1,050 for fiscal year 2026, indicating a benchmark that landlords should consider when setting their own rental rates. Currently, the market rent stands at $1,219 according to the Census ACS, suggesting that rents are slightly above the FMR, which could imply a robust demand for rental properties in the area.
The median home value in Akeley, MN, is $290,155, reflecting a stable homeownership segment. However, with only 9.7% of the population being renters, it's evident that homeownership significantly outweighs renting. This low percentage of renters suggests that the long-term housing pressure leans towards homeownership rather than rentals. Despite this, the rental market remains active, likely driven by a mix of seasonal demand and young professionals who prefer renting over buying.
While the data lacks specific percentages on price-cut shares and days on market (DOM), the current market rent exceeding the FMR points to a scenario where demand might be outpacing supply. Landlords in Akeley can expect a steady interest in their rental properties, especially if they offer competitive pricing and amenities that attract tenants. However, the strong homeownership presence means that the rental market is also subject to fluctuations based on broader economic conditions and migration patterns.
To summarize, 56433 is a market characterized by a strong homeownership base but with an active and potentially growing rental sector. Rents above the FMR suggest a tight rental market, though the overall low renter share indicates that long-term housing pressure is skewed towards homeownership. Landlords and small-portfolio investors should focus on maintaining competitive rents and providing quality living spaces to capitalize on the current dynamics of the Akeley rental market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.