Section 8 Fair Market Rent (FMR) for ZIP 56561 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 56561, located in North Dakota, presents a unique opportunity for real-estate investors interested in the Section 8 housing market. The area's characteristics, including its Fair Market Rent (FMR) and other economic indicators, provide a foundation for understanding its potential.

• The Fair Market Rent (FMR) for ZIP 56561 for fiscal year 2024 is set at $980.
• The market rent for the area is currently unavailable, which suggests that there might be limited data on private rental rates.
• The median home value in ZIP 56561 is also not available, indicating a lack of comprehensive data on property values.
• The percentage of the population that rents is not specified, making it difficult to gauge the demand for rental properties.
• The Days on Market (DOM) for rentals is not available, which could mean either a robust or sluggish rental market turnover rate.
• The median household income for the area is not specified, leaving uncertainty around the financial health of the residents and their ability to pay higher rents.

Given the data points available for ZIP 56561, the most concrete figure is the Fair Market Rent at $980. This indicates the maximum amount the government will pay for a rental unit under the Section 8 program. However, the lack of additional data such as market rent, median home value, and median income makes it challenging to fully assess the investment potential. Landlords and small-portfolio investors should proceed with caution, ensuring they have a solid understanding of the local rental market dynamics and considering the reliance on government subsidies through the Section 8 program.

Data Sources: FMR data from HUD (2027).

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.