Location: Itasca County, MN | Metro: Itasca County, MN
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,330 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,330 | $252,271 | 0.53% | F |
| 3BR | $1,720 | $328,689 | 0.52% | F |
U.S. Census Bureau data (2024)
Bigfork, MN, located in Itasca County, stands out with a population of 1,675 residents, where only 13.0% of the residents rent their homes. The median income here is $61,250, indicating a relatively comfortable standard of living. However, the median home value of $237,657 is significantly higher, which suggests that homeownership is a substantial financial commitment.
The economics of Section 8 vouchers in Bigfork are favorable for landlords. The Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,290, while the actual market rent is $996 according to the Census ACS data. This means that landlords who accept Section 8 vouchers can potentially charge a higher rent compared to the market rate, making it an attractive option for those looking to maximize rental income.
In terms of stability, the data signature for ZIP 56628 indicates a stable environment. With a low percentage of renters and high median home values, there is little indication of rapid change or instability. The discrepancy between the FMR and the market rent further supports the notion that the housing market is steady, offering reliable income for landlords who participate in the Section 8 program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.