Location: Itasca County, MN | Metro: Itasca County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
The ZIP code 56631 in Itasca County, Minnesota, stands out due to limited available demographic data, which includes an absence of specific figures for resident population, percentage renting, median income, and median home value. This scarcity of information can make it challenging to predict trends and stability within the local housing market.
However, when it comes to Section 8 voucher economics, the data provides a clearer picture. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,070. This figure is crucial for landlords and small-portfolio investors as it dictates the maximum rental assistance payment that can be made through the Section 8 program. Despite the lack of specific market rent data for ZIP 56631, the FMR serves as a benchmark for setting reasonable rental rates that align with government assistance levels.
The economic viability of Section 8 properties in ZIP 56631 hinges on the alignment between the FMR and the actual market rents. While the exact market rent is not provided, landlords should ensure their rental rates are competitive yet do not exceed the FMR to attract tenants who benefit from the voucher program. This balance is key to maintaining a steady stream of rental income.
Given the limited data available, the ZIP code 56631 appears to have a transitional character. The absence of detailed demographic information suggests ongoing changes or developments that could impact the local housing market dynamics. Landlords and investors should stay informed about any emerging trends or updates in the area's demographics and housing market to make well-informed decisions.
In conclusion, while the overall data signature for ZIP 56631 is incomplete, the focus on Section 8 voucher economics reveals the importance of adhering to the $1,070 FMR. This ZIP code presents opportunities for those willing to navigate the uncertainties associated with transitional markets.
Data Sources: FMR data from HUD (2027).
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.