Location: Wilkin County, MN | Metro: Traverse County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
The ZIP code 56583 stands out due to its unique characteristics, notably a small resident population of only 150 individuals. With 14.1% of these residents renting their homes, it's clear that the rental market is relatively limited compared to other areas. The median income in this ZIP is $71,250, indicating a middle-class community where financial stability is present among homeowners and renters alike. However, the absence of data regarding the median home value suggests that either there are very few homes being sold, or the real estate market is not active enough to provide reliable statistics.
Turning to the voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,060. This figure represents the benchmark rent for a two-bedroom apartment, which is critical for understanding the rental dynamics in ZIP 56583. Given the lack of specific market rent data, landlords should consider the FMR as a guideline for setting rents that align with federal standards. It's important to note that without a comparative market rent, it's challenging to assess how competitive the FMR is within this ZIP code. Nonetheless, the FMR serves as a stable anchor point for rental pricing, especially for those participating in the Section 8 program.
The data signature for ZIP 56583 reads as stable. Despite the limited number of renters and the absence of market rent and median home value data, the presence of a defined FMR and a steady median income suggest that the housing market is predictable and reliable. Landlords and small-portfolio investors can expect a consistent demand for rental properties, particularly those that are priced around the FMR. This stability provides a secure environment for investment, even if the scale is smaller than in more populous areas.
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.