Location: Fargo, ND | Metro: Fargo, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 56547, located in the Fargo, ND-MN MSA, reveals a favorable environment for those seeking rental income. The HUD Fair Market Rent (FMR) for the area is set at $910 for the fiscal year 2024, while the Census ACS reports an average market rent of $661. This means that voucher tenants can cashflow at the FMR, providing a significant advantage over the local market rates.
To further understand the dynamics of the rental market in this area, consider the median home value of $355,448. Using this figure, we can calculate a rent-to-price ratio of approximately 1.08%. This ratio indicates that rental income is relatively low compared to property values, which suggests that the primary benefit for investors would be through cashflow rather than appreciation or stability.
The data does not provide specific information on the median days on market (DOM) or the percentage of price cuts, but these metrics typically do not significantly impact the decision-making process for Section 8 investors given the guaranteed income stream. However, it's worth noting that the absence of these figures could imply either a stable market with little fluctuation or a lack of comprehensive data on price adjustments.
In conclusion, the strongest angle for Section 8 investors in ZIP 56547 is cashflow. With voucher tenants paying above the market rate, investors can expect steady and reliable income from their properties.
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.