Location: Norman County, MN | Metro: Fargo, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
U.S. Census Bureau data (2024)
The ZIP code 56519 is situated in a rural setting with a total population of 287 individuals. Only 14.4% of the residents are renters, indicating a predominantly owner-occupied area. The median household income in this ZIP code is $64,297, which suggests a modestly affluent community. However, the median home value is not available, making it difficult to assess the overall property values in the area.
In terms of rent economics, the Fair Market Rent (FMR) for ZIP 56519 as of fiscal year 2024 is set at $1,120. This figure represents the maximum amount that a landlord can charge for a Section 8 voucher. Unfortunately, the market rent data for this ZIP code is also not available, which means we cannot compare the FMR to the actual rental rates in the area. Without this comparison, it's challenging to determine how competitive the FMR is relative to the local rental market.
Given the limited number of renters and the lack of detailed market data, ZIP 56519 may be more suitable for a hands-off voucher operator rather than a hands-on value-add buyer. The low percentage of renters implies a smaller pool of potential Section 8 tenants, which could make it less attractive for those looking to actively manage and improve their properties. For hands-off operators, the consistent payment guaranteed by the Section 8 program can provide a reliable source of income, even if the overall volume of rental activity is lower.
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.