Location: Norman County, MN | Metro: Norman County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
U.S. Census Bureau data (2024)
ZIP code 56545 in Norman County, MN, stands out in comparison to typical ZIP codes within its county. The Fair Market Rent (FMR) for ZIP 56545 is set at $1,070 for fiscal year 2026, which is notably higher than the market rent figure of $544. This discrepancy indicates that government-assisted housing through programs such as Section 8 may be more prevalent in this area.
The renter share in ZIP 56545 is 10.3%, which is a key indicator for potential demand for rental properties supported by Section 8 vouchers. However, it's important to note that the home value for this ZIP code is listed as N/A, suggesting limited data on home values, possibly due to fewer transactions or a smaller number of owner-occupied homes. This lack of data on home values combined with a relatively high renter share could imply that this ZIP code is predominantly a rental market, which aligns with being a potential sweet spot for Section 8 landlords.
To further contextualize ZIP 56545 within the broader Norman County, MN, metro, we must consider the implications of these figures. A ZIP code with a lower market rent but higher FMR, especially when paired with a significant renter share, typically suggests a value pocket. Value pockets are areas where the cost of renting is less than the FMR, making them attractive for both tenants seeking affordable housing and landlords participating in Section 8 who can offer rents below the FMR without losing money.
In conclusion, based on the available data, ZIP 56545 appears to be a value pocket within the Norman County, MN, metro. The higher FMR compared to the market rent, along with a notable renter share, points towards a favorable environment for landlords and small-portfolio investors interested in Section 8 properties. While the absence of specific home value data limits a complete analysis, the trends observed suggest a strong potential for this ZIP code to attract tenants looking for affordable housing options and investors focused on stable rental income.
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.