Location: Fargo, ND | Metro: Fargo, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
U.S. Census Bureau data (2024)
The ZIP code 56529 stands out with a population of 4,713 residents, where 26.3% of them are renters. The median income in this area is $90,694, indicating a relatively affluent community. However, the median home value of $287,308 suggests that homeownership is still a significant financial commitment for those living here.
When it comes to Section 8 housing, the Federal Market Rent (FMR) for ZIP 56529 in fiscal year 2024 is set at $930. This figure contrasts sharply with the market rent, which is recorded at $1,085 according to the Census ACS. Landlords and small-portfolio investors should be aware that the difference between these two figures means that properties renting below $1,085 could potentially attract tenants using Section 8 vouchers, but they will need to ensure their rents align closely with the FMR to remain competitive within the program.
The data signature for ZIP 56529 reads as stable. With a modest rental percentage and a higher median income, there is less pressure for low-income housing solutions compared to other areas. This stability can be beneficial for investors looking for consistent returns without the volatility often associated with transitional markets.
Investors considering Section 8 properties in ZIP 56529 should focus on properties that can be rented close to the FMR while remaining attractive to potential tenants. Given the median home value, it's also important to consider the broader economic context of the area, ensuring that investments are made in properties that will retain their value and appeal over time.
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.