Location: Fargo, ND | Metro: Fargo, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
15.8% of the population in ZIP code 56549 are renters, indicating a moderate demand for rental properties. The Fair Market Rent (FMR) for Section 8 in this area for fiscal year 2024 is set at $910, which is slightly above the average market rent of $749 reported by the Census ACS. This suggests that Section 8 vouchers can provide a stable and competitive source of rental income for landlords. The median home value in the area is $398,554, reflecting a middle-income neighborhood where property values are relatively stable. Landlords should note that the median income of residents is $105,968, which is an important figure for understanding the economic context of potential tenants. Despite the lack of specific data on days on market (DOM) and the percentage of price-cut shares, the existing figures paint a picture of a balanced rental market. The slight premium offered by the Section 8 program over the market rent makes it an attractive option for landlords who wish to ensure timely rent payments and avoid vacancy issues. Given the moderate renter share and the favorable comparison between FMR and market rent, landlords in ZIP 56549 should consider participating in the Section 8 program as it offers a reliable tenant base and helps maintain occupancy rates.
Section 8 Verdict: Acceptable for landlords seeking stable rental income in ZIP 56549.
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.