Location: Fargo, ND | Metro: Fargo, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
U.S. Census Bureau data (2024)
The ZIP code 56562 is a renter-heavy area, with 100.0% of the population renting their homes. This indicates a high demand for rental properties, particularly those that accept Section 8 vouchers. Given the total population of 528, it's clear that this community has a significant number of individuals relying on rental housing.
While the median household income for ZIP 5652 is not available, we can still analyze the potential impact of Section 8 vouchers on the local rental market. The Fair Market Rent (FMR) for the area is set at $980 for fiscal year 2024, which serves as a benchmark for typical rents. Landlords in this ZIP should expect that tenants using Section 8 vouchers will be paying up to this amount.
The lack of specific income data makes it difficult to calculate the exact percentage of income that goes towards rent. However, the fact that all residents are renters suggests that many might have lower incomes, making them reliant on voucher programs to afford housing. Therefore, typical market rents are likely a substantial portion of local incomes, potentially exceeding 30%, which is the standard guideline for affordable housing costs.
In ZIP 56562, landlords should anticipate a tenant pool that primarily consists of low-income individuals and families who benefit from federal housing assistance. These tenants will be seeking affordable housing options that align with the FMR guidelines. Landlords must ensure compliance with HUD regulations and maintain properties to meet the quality standards required for accepting Section 8 vouchers.
To summarize, ZIP 56562 is a renter-heavy area with a strong demand for Section 8 vouchers. The typical rent eats a significant portion of local incomes, likely above 30%. Landlords should prepare for a tenant profile dominated by low-income individuals and families who rely on housing assistance to find suitable living arrangements.
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.