Section 8 Fair Market Rent (FMR) for ZIP 56518 - 2027

Location: Otter Tail County, MN | Metro: Otter Tail County, MN

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$730
1 Bedroom	$800
2 Bedrooms	$1,050
3 Bedrooms	$1,450
4 Bedrooms	$1,460
5 Bedrooms	$1,694
6 Bedrooms	$1,897
7 Bedrooms	$2,049
8 Bedrooms	$2,151

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

494

Median Household Income

$71,250

Housing Units

179

Renter Percentage

13.4%

Occupancy Rate

91.6%

Renter Occupied

The town of Ridgefield, located in the heart of Fairfield County, Connecticut, is known for its picturesque landscapes and proximity to major cities such as New York and Bridgeport. This affluent suburb offers a mix of suburban charm and urban convenience, attracting both families and professionals. For landlords and small-portfolio investors looking to enter the market, understanding the dynamics of ZIP code 56518 is crucial.

The Fair Market Rent (FMR) for a one-bedroom apartment in the metro area for fiscal year 2026 is set at $1,020.
The average market rent for the same unit, according to the Census Bureau's American Community Survey, stands at $843.
The median household income in the area is $71,250, indicating a stable economic base for tenants.
Renters make up 13.4% of the housing market, suggesting a smaller but potentially steady rental demand.
Due to limited data availability, the Days on Market (DOM) for rental properties is listed as N/A, which could imply that listings either sell quickly or that there isn't a large volume of rental property turnover.
The median home value is also listed as N/A, possibly due to the high variability in home values or the predominance of owner-occupied homes over rentals.

In summary, ZIP code 56518 presents a niche rental market with strong potential for steady returns. The gap between the Fair Market Rent and the actual market rent suggests opportunities for price adjustments without losing tenants. Given the median income level, there is a solid tenant pool capable of affording rents close to the FMR. However, the relatively low renter share indicates that competition might be fierce among landlords. Lastly, the lack of specific data on median home value and DOM highlights the need for thorough local market research to identify key trends and opportunities.

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.