Location: Norman County, MN | Metro: Norman County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The ZIP code 56510 stands out with a population of 2,292 residents, where 29.0% of them rent their homes. The median income in this area is $70,000, and the median home value is $164,953, indicating a relatively stable economic environment. For landlords and small-portfolio investors, understanding the dynamics of rental assistance programs such as Section 8 is crucial.
In ZIP 56510, the Federal Market Rent (FMR) for the metro area in fiscal year 2026 is set at $970, whereas the current market rent, according to the Census ACS, averages $748. This discrepancy means that landlords accepting Section 8 vouchers can expect higher rental income compared to the local market average. The additional $222 per month could be a significant factor in deciding whether to participate in the program, especially considering the fixed costs associated with property maintenance and management.
The data signature for ZIP 56510 suggests a stable environment. With a moderate percentage of renters and a median income that aligns well with the median home value, there's a balanced housing market. However, the presence of Section 8 vouchers provides an opportunity for landlords to tap into a reliable source of rental income. Given the higher FMR relative to the market rent, landlords might find it advantageous to accept these vouchers, thereby increasing their rental revenue above typical market rates.
To conclude, ZIP 56510 offers a stable setting for real estate investment, particularly for those interested in leveraging Section 8 vouchers. The economic indicators point towards a steady demand for rental properties, and the potential for higher rental income through the voucher program adds an attractive incentive for landlords and investors.
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.