Location: Norman County, MN | Metro: Grand Forks, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
U.S. Census Bureau data (2024)
The ZIP code 56540, located in Fertile, Minnesota, stands out in Polk County due to its unique demographic and economic characteristics. With a total population of 1,891 residents, 16.6% of whom rent their homes, it reflects a community where most individuals own property. The median household income in this area is notably high at $83,646, indicating a relatively affluent neighborhood. The median home value is also impressively high at $234,789, which further underscores the financial stability of the residents.
Moving to the specifics of Section 8 housing, the Fair Market Rent (FMR) for ZIP 56540 in fiscal year 2024 is set at $910 per month. This figure is significantly higher than the average market rent, which is estimated at $815 according to the Census American Community Survey. This discrepancy suggests that landlords participating in the Section 8 program can expect to receive slightly above-market rents, making the program financially attractive despite the administrative overhead.
The data signature for ZIP 56540 reads as stable. The high median income and home values indicate a strong local economy, likely supported by steady employment opportunities and a robust housing market. Additionally, the relatively low percentage of renters suggests that homeownership is the norm, which typically correlates with long-term residency and community investment. Given these factors, landlords and small-portfolio investors can anticipate consistent demand for rental properties, especially those that qualify for the Section 8 program, due to the favorable FMR rates compared to the actual market conditions.
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.