Location: Wilkin County, MN | Metro: Wilkin County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
U.S. Census Bureau data (2024)
The ZIP code 56520 profiles as a moderate renter-heavy area with significant potential for Section 8 tenants. With a population of 3,852, 27.1% of residents are renters, indicating a substantial demand for rental properties. This percentage suggests that there is a notable presence of individuals who might rely on housing vouchers to find suitable accommodation.
The median household income in this ZIP code is $64,792. In comparison, the average market rent stands at $515. To contextualize this, we can calculate that the typical rent consumes approximately 9.5% of the median household income. This figure is derived from dividing the monthly rent by the annual income and multiplying by 12 to get a monthly equivalent, which is then expressed as a percentage of the total income. This calculation shows that the rent is relatively affordable for the majority of households in the area.
However, it's important to note that the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $970. This means that the actual market rent of $515 is below the FMR, suggesting that landlords could potentially receive a higher subsidy through the Section 8 program if they qualify their units for the higher FMR rate. The gap between the actual market rent and the FMR indicates that there is room for landlords to benefit financially from participating in the Section 8 program.
A landlord in ZIP 56520 should expect a tenant pool that includes a mix of voucher holders and non-voucher holders. Given the income levels and the relatively low market rent, these tenants are likely to be families or individuals who need financial assistance to afford housing. They will be looking for properties that are well-maintained and meet the standards required by the Section 8 program. Landlords should ensure that their properties comply with these requirements to maximize the chances of attracting and retaining tenants eligible for Section 8 vouchers.
In summary, while ZIP 56520 is not dominated by homeowners, it does have a significant number of renters, many of whom could benefit from the Section 8 program. The income levels and current market rents suggest that the typical rent is a manageable expense for most households, making the ZIP code an attractive location for landlords willing to participate in the Section 8 program.
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.