Location: Koochiching County, MN | Metro: Koochiching County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
The ZIP code 56629 stands out due to its unique characteristics, which include a relatively small resident population of just 224 individuals. With 25.5% of the population renting their homes, it's evident that there is a niche market for rental properties. The median income in this area is notably high at $90,938, indicating that residents have a strong financial capacity. However, the lack of data on the median home value suggests that there might be limited homeownership activity or an insufficient sample size to determine this figure accurately.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $980. This figure is crucial for landlords and small-portfolio investors who are considering participating in the Section 8 program. Unfortunately, the absence of current market rent data for ZIP 56629 means that we cannot directly compare the FMR to the actual market rates. This gap in information could be due to the small population size or other factors affecting data collection.
Given the high median income and the limited data on median home values and market rents, the overall data signature for ZIP 56629 can be interpreted as transitional. The high income levels suggest potential for growth in both rental and homeownership markets, but the current lack of comprehensive data points towards an evolving landscape where trends may not yet be fully established. Landlords should consider these factors when deciding whether to accept Section 8 vouchers, keeping in mind the potential for increased demand as the area develops further.
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.