Location: Crow Wing 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 | $720 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $790 | $248,737 | 0.32% | F |
| 2BR | $1,030 | $343,786 | 0.3% | F |
| 3BR | $1,260 | $443,437 | 0.28% | F |
| 4BR | $1,470 | $518,804 | 0.28% | F |
| 5BR | $1,705 | $610,830 | 0.28% | F |
U.S. Census Bureau data (2024)
The ZIP code 56472, located in Pequot Lakes, MN, stands out in Crow Wing County due to its unique demographic and economic characteristics. With a population of 8,830 residents, only 14.3% are renters, indicating a predominantly owner-occupied area. The median income in this ZIP is $81,328, which is relatively high compared to the national average, suggesting a prosperous community. The median home value of $409,774 also reflects the affluence of the area, making it an attractive location for homeowners.
When it comes to Section 8 vouchers, the data reveals a discrepancy between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2026, the FMR is set at $990, while the Census American Community Survey (ACS) indicates a market rent of $878. This gap means that landlords can potentially benefit from a higher rental rate when accepting vouchers, as the government's subsidy covers the difference between the market rate and the FMR. In Pequot Lakes, this could translate into an additional $112 per month for landlords who participate in the program, enhancing their profitability.
Based on the data signature, ZIP 56472 appears to be stable. The low percentage of renters and high median income suggest a strong local economy where most residents own their homes. The median home value also points towards a mature housing market, unlikely to experience rapid changes. While the voucher economics offer a financial incentive for landlords, the overall stability of the area makes it a reliable investment choice for those interested in small portfolios or rental properties.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.