Location: Wilkin County, MN | Metro: Grant County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
U.S. Census Bureau data (2024)
The Federal Payment Standard for ZIP code 56565 in the upcoming fiscal year 2026 is set at $1,210. This figure represents the maximum amount that the government will pay towards a tenant's rent under the Section 8 program. It does not reflect the total rent you can charge your tenants, but rather the portion covered by the voucher.
In ZIP 56565, the local market rent is currently listed as N/A. However, the 23.9% share of renters in the area indicates a significant demand for affordable housing options. Landlords should be aware that while the Section 8 voucher will cover up to $1,210, they must ensure that their property meets the fair market value criteria to participate in the program.
The acquisition cost for properties in this area is also listed as N/A, which makes it difficult to provide an exact figure on how much you might expect to spend on purchasing a rental property. However, given the high percentage of renters, there is likely a strong market for affordable rentals, making Section 8 participation a viable option for landlords looking to fill vacancies.
Before deciding to enter into a Section 8 agreement, verify that your property complies with Housing Quality Standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary, and meeting them is a prerequisite for accepting Section 8 tenants. This verification process is crucial because failing to meet HQS could result in penalties or disqualification from the program.
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.