Location: Mahnomen County, MN | Metro: Grand Forks, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,450 |
| 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 56592 is situated in a small, close-knit neighborhood with a total population of 550 residents. Only 18.2% of these residents are renters, indicating a primarily owner-occupied area. The median household income in this region stands at $59,167, which suggests a middle-class community. The median home value is $189,177, reflecting an affordable housing market.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 56592 in fiscal year 2024 is set at $910. This is notably higher than the reported market rent of $817, according to the latest Census American Community Survey (ACS) data. This discrepancy indicates a potential opportunity for landlords and investors who can leverage the higher FMR to attract Section 8 tenants while still maintaining profitability.
Given the characteristics of ZIP 56592, it would be suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the relatively low percentage of renters means there is less competition, making it easier to manage properties without active involvement. Meanwhile, hands-on buyers could benefit from the modest median home value and income levels, which offer room for improvement and added value through property enhancements or strategic management practices. However, the limited number of renters also implies that demand might be constrained, necessitating careful consideration of investment strategies.
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.